IRS waives gift tax returns for most Trump account contributions

Rev. Proc. 2026-25 was carried in Internal Revenue Bulletin 2026-29 on July 13. It provides a safe harbor treating a cash contribution to a section 530A Trump account as a completed gift that is not a future interest, so the annual per-donee exclusion applies for gift tax, generation-skipping transfer tax and reporting. The relief is filing relief. Four conditions must hold across the calendar year. The donor's only taxable gifts are cash contributions to Trump accounts, made before the beneficiary turns 18. Total gifts to each beneficiary stay within the annual exclusion, $19,000 for 2026. The contributions generate no gift or GST tax after the donor's remaining lifetime exclusion and GST exemption. And no gift tax return is otherwise required or filed for the year.