Information reporting of certain gifts

(a) In general Subpart B of part III of subchapter A of chapter 61 of the Internal Revenue Code of 1986 is amended by adding at the end the following new section: 6050BB. Returns relating to certain gifts and bequests (a) In general In the case of an applicable transfer, the individual making such gift, or the executor in the case of a transfer at death, shall furnish to the Secretary the following information: (1) The name and taxpayer identification number of the person to whom such transfer was made. (2) A description of the property transferred. (3) The fair market value of the property transferred and the basis of such property to the transferee. (b) Applicable transfer (1) In general For purposes of this section, the term applicable transfer means— (A) any gift (other than a covered security (as defined in section 6045(g)(3))) which is taken into account under section 1261, and (B) so much of any transfer at death (other than such a covered security) which is so taken into account under section 1261 and the gain from which is includible in gross income for the taxable year of such transfer. (2) De minimis (A) Gifts For gifts exceeding the limitation for such year under section 2503(b) and not taken into account under section 1261, see subsection (d) thereof. (B) Transfers at death For amount of gain excluded from gross income in case of a transfer at death, see section 139M(a). (c) Statements To Be furnished to persons with respect to whom information is required Every person required to make a return under subsection (a) shall furnish to each person whose name is required to set forth in such return a written statement showing the information described in subsection (a). (d) Timing The returns and statements required under this section shall be furnished at such time and in such form and manner as the Secretary shall by regulation prescribe.. (b) Clerical amendment The table of sections for subpart B of part III of subchapter A of chapter 61 of such Code is amended by adding at the end the following new item: Sec. 6050BB. Returns relating to certain gifts.. (c) Effective date The amendments made by this section shall apply to transfers after December 31, 2026, in taxable years beginning after such date.