This $5.43 million exclusion means that even if you have to file a Form 709 because you gave away more than $14,000 to any one person last year, you will owe taxes only if you have given away more than a total of $5.43 million in the past.As a result, the filing of a Form 709 is only formality for most people.f your spouse is not a U.S. citizen, you can give only $145,000 without reporting the gift (in 2015). Anything over that amount has to be reported on Form 709. If you have given away property other than money, like stock, you have to report that on your gift return, too, if the value is more than $14,000.