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Ohio online Form 709: What You Should Know

If at any time your total gifts are less than 500,000, and you have been a U.S. citizen or resident for more than 13 months, you may get a Form 709-T (tax-free) from the U.S. Treasury to file a gift tax return.  Do-It-Yourself gift filing is allowed if the person you're gifting has no basis for withholding tax from the transfer. See here for more information. Form 709, which can be filed with all federal gift taxable amounts, is subject to a tax filing penalty if you filed it more than three years in a row. For tax years beginning in 2017, the penalty is an additional 500 per person, per year until you file and pay.

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