Any consequence of not filing a gift tax return form 709 in this scenario?
Friend gifted me $750k cash in October 2022. This was their first time giving gift over annual exclusion.
Their estate will probably be under lifetime exclusion, but all will go to a 501c anyway.
Any consequence of them not filing the information return for the $750k gift?
I know it’s their problem and not on the one receiving the gift, but just trying to understand.