The annual exclusion for gifts is raised to $12,000 beginning in 2006
The applicable exclusion amount is increased to $2,000,000 for estates and remains at $1,000,000 for gifts . . . .
Page 4 of the instructions for Form 709 states (Under When to File) that "...you must file the 2003 Form 709 on or after January 1...). It may not be clear, but this means that returns should not be filed until January 1 through the due date of the year following the year in which the gift is made. In other words, any gifts made in 2004 will not be due (and cannot be processed) until after December 31, 2004. . . .
Form 709-A, United States Short Form Gift Tax Return, is now obsolete and should not be filed. All gift tax returns must now be filed using Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.
Feel free to send your tax free gift of $12,000 my way any time.