Even if you have made a taxable gift, Form 709 isn't as big of a burden as many think. That's because unless you've made a huge gift, you won't have to pay any actual gift tax.

You may need to file a gift tax return If you make a taxable gift (one in excess of the annual exclusion), you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return.

But if you give more than that, you’ll need to fill out IRS Form 709 to report the gift, and it will count against your lifetime gift tax exclusion. Gift Tax Rates and How They Work ...

When you surpass the annual threshold, you must file IRS Form 709 with your return declaring the size of the gift. But even that doesn’t mean you’ll be taxed on it.

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.