However, although this election may keep you from having to pay tax, you'll still have to file a gift tax return in order to claim it. Other exclusions also keep you from having to file Form 709.

How to Fill Out Form 709 If you've figured out you must fill out a Form 709, follow the instructions below. First, complete the General Information section on part one of the form.

Rules and reporting requirements depend on whether the cash is income or a gift, how much money changes hands and if you're ...

But you must file Form 709 and reduce your lifetime exemption by the excess. Who files Form 709 -- the giver or receiver? The giver is responsible for filing. The giver is responsible for filing.

How To File Taxes If you decide to file your taxes without the help of a professional, take the following steps to complete your tax return: Assemble your tax documents, such as your W-2 or any 1099s.

CNBC Select explains how to file your taxes safely and accurately to avoid mistakes, penalties and scam artists.

CNBC explains how to file your taxes for free with IRS-sponsored programs and no-cost options from top tax software companies and nonprofit groups.