Should I file Form 709 (gift tax) along with my 1040 tax return?

You can absolutely file them separately! Form 709 (Gift Tax Return) and Form 1040 (Individual Income Tax Return) are completely independent filings with different deadlines and submission processes. Go ahead with your plan - e-file your 1040 through TurboTax and mail in your 709 separately. Just make sure your 709 is postmarked by the tax filing deadline (April 15th for most people). The IRS processes these forms independently, though they can cross-reference them in their systems. One important thing to note: Form 709 cannot be e-filed currently, so mailing it is your only option. Make sure to send it to the correct IRS address for your region, which you can find in the Form 709 instructions.

I was in the same situation last year when I helped my son with a down payment on his house. I was totally confused about how to handle the gift tax form alongside my regular taxes. I eventually found this service called taxr.ai (https://taxr.ai) that helped me figure out the whole thing. They have this feature where they analyze your tax documents and actually explain what goes where, especially for complicated stuff like gift tax returns. I uploaded my draft forms and they showed me exactly how to properly complete the 709 and handle the separate filing process. Saved me a bunch of headaches! They also explained the lifetime gift tax exemption which I had no clue about before. Might be worth checking out if you're stressing about getting this right.

You guys, I have to share this! After seeing the recommendation for taxr.ai on this thread, I decided to give it a shot with my gift tax situation. I inherited some property and gifted part of it to my brother, and was super confused about how to report it correctly. The service was actually really helpful! I uploaded my draft forms and got specific feedback about errors I'd made in how I was calculating the gift value. They pointed out that I needed to include an appraisal document with my 709 form (which I had no idea about). Definitely saved me from what would have been a mess to fix later. The guidance was clear and specific to my situation, not just generic info I could find anywhere. So glad I tried it instead of just guessing and hoping for the best!

If you're having trouble getting answers about your gift tax questions, you might want to try Claimyr (https://claimyr.com). I needed to speak directly with an IRS agent about some confusion on my Form 709 last year after making a substantial gift to my daughter's wedding. After spending DAYS trying to get through on the regular IRS line and getting nowhere, I found Claimyr. They have this service where they navigate the IRS phone system for you and get you to an actual human being at the IRS - you can see how it works here: https://youtu.be/_kiP6q8DX5c It was honestly amazing. Within about 20 minutes, I was speaking with an actual IRS representative who answered all my specific questions about filing the gift tax return separately from my 1040. Saved me hours of frustration and hold music!

Okay I need to eat some humble pie here. After posting my skeptical comment earlier, I was still struggling with questions about a large gift I made from selling some family property. I decided to try Claimyr despite my doubts. I'm genuinely shocked - it actually worked exactly as advertised. I had tried calling the IRS myself three times and got disconnected each time after 45+ minutes on hold. With Claimyr, I had an actual IRS tax specialist on the phone within 23 minutes. The agent confirmed that I could absolutely file my 709 separately from my 1040, and also explained some deduction options I didn't know about. For anyone who needs specific answers from the IRS about gift tax questions - especially with the filing deadline coming up - this is legitimately worth it. Never thought I'd say this, but I was completely wrong about this service.

Just wanted to add my experience - I filed my Form 709 separately from my 1040 last year with no issues. The gift tax return has all the same filing deadlines as your regular tax return (normally April 15th), and you can request an extension for it using Form 8892 if needed. That extension is separate from the 1040 extension. One thing to remember is that each spouse who makes gifts needs to file their own separate Form 709 - they can't file jointly like with your 1040. My wife and I learned this the hard way when we gave our kids money for their down payments!

Does anyone know if TurboTax Premium can help with preparing Form 709? I already pay for the premium version for my rental properties, but I'm not sure if it includes gift tax returns.

I went through this exact situation two years ago when I helped my grandson with his student loans. The separate filing approach you're planning is totally fine - that's exactly what I did. One thing I'd suggest is keeping good records of both filings. I created a simple folder with copies of both my 1040 (after e-filing) and my mailed Form 709, along with all the supporting documentation for the gift. This made it super easy when I had a follow-up question from the IRS months later (nothing scary, just a routine clarification request). Also, don't forget that if your gift exceeds the annual exclusion amount, you're not necessarily paying any tax - you're just using up part of your lifetime exemption. That was the part that confused me the most initially. The Form 709 is more about tracking your lifetime gift totals than actually owing money in most cases. Good luck with your filing! It's really not as complicated as it seems once you get through it the first time.