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Comprehensive Gift Tax Filing Services
At Equity Tax, we simplify the complex world of U.S. gift taxation with precision and care. Whether you’re transferring money, property, or other valuable assets, our experts ensure every gift is accurately reported while helping you maximize available annual and lifetime exemptions.
The federal gift tax applies when you give something of value without receiving equal value in return — but with proper filing and strategic planning, most taxpayers can avoid paying unnecessary taxes. Our team prepares and files Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) accurately and completely, ensuring your gifts to family, friends, or trusts are documented properly and your long-term estate plan stays protected. With Equity Tax, you get the confidence of compliance and the peace of mind that your wealth transfers are handled correctly.
How Our Gift Tax Filing Process Works
We serve Northwest Arkansas, the entire state of Arkansas, and neighboring states, with consulting clients nationwide. Our flexible approach allows us to work with clients through in-person meetings, phone calls, webinars, emails, texts, and messaging.
Consultation & Gift Review
We begin by discussing your gifts for the year, who received them, and the type of assets transferred to determine if a return is required.
Document Collection
You provide transaction records, valuations, appraisals, or deeds. We review them carefully to ensure full and accurate disclosure.
Calculation & Filing Strategy
We calculate the value of your gifts, apply annual exclusions and lifetime credits, and determine the optimal filing method.
Preparation & Review
Our team prepares Form 709, reviews it with you, and ensures spousal gift splits and prior filings are properly reconciled.
Submission & Advisory
We file your return securely and provide post-filing guidance on how this year’s gifts affect your lifetime exemption and estate planning.
Why Choose Equity Tax for Gift Tax Compliance
Our preparers have extensive experience assisting clients with complex gift and estate matters. We work closely with individuals, families, and financial advisors to align gift tax filings with broader wealth-transfer goals.
From multi-million-dollar property gifts to trust transfers and split-gift elections, our team ensures every detail is handled correctly — protecting you from unnecessary tax exposure or audit risks.
Our Full Range of Gift Tax Services
We provide end-to-end guidance for all gift and estate reporting needs.
Gift Tax Filing FAQs
Have questions about your taxes? Our experts are here to help you understand deductions, refunds, and compliance — so you can file with confidence and peace of mind.
When do I need to file a gift tax return?
You must file Form 709 if you give an individual more than the annual exclusion amount (currently $18,000 per recipient for 2024) in money or assets during a calendar year.
Do I owe tax when I file a gift tax return?
Usually not. Most people don’t pay gift tax because the IRS allows a lifetime exemption (over $13 million per person as of 2024). Filing simply tracks how much of that exemption you’ve used.
What counts as a taxable gift?
Money, property, stocks, real estate, or anything of value transferred without receiving equal value in return. Some gifts — like those to a spouse, charity, or for tuition/medical bills paid directly — are excluded.
Do both spouses need to file for split gifts?
Yes. If you and your spouse agree to “split” a gift (treating half as coming from each), both must file Form 709 and sign the consent section.
Can you help with property or real-estate gifts?
Absolutely. We coordinate with appraisers, prepare documentation, and ensure the value is reported accurately on your return.
What if I forgot to file a gift tax return for a past year?
We can file late returns and bring your filings current. It’s important to report older gifts correctly to maintain an accurate lifetime exemption record.
How does the gift tax relate to estate tax?
Both share the same unified exemption. Every taxable gift you make during life reduces your available estate exemption at death — which is why accurate tracking is essential.
Do states have their own gift tax?
Most states do not impose a separate gift tax, but we verify state-specific rules to ensure complete compliance.