Form preview

IRS 709 2012 free printable template

Get Form
Cat. No. 16783M Form 709 2012 Page 2 SCHEDULE A A Computation of Taxable Gifts Including transfers in trust see instructions Does the value of any item listed on Schedule A reflect any valuation discount If Yes attach explanation. United States Gift and Generation-Skipping Transfer Tax Return Department of the Treasury Internal Revenue Service For gifts made during calendar year 2012 Form Information OMB No. 1545-0020 about Form 709 and its separate instructions is at www.irs.gov/form709. 1...
pdfFiller is not affiliated with IRS

Get, Create, Make and Sign

Edit
Edit your 709 form 2012 form online
Type text, complete fillable fields, insert images, highlight or blackout data for discretion, add comments, and more.
Add
Add your legally-binding signature
Draw or type your signature, upload a signature image, or capture it with your digital camera.
Share
Share your form instantly
Email, fax, or share your 709 form 2012 form via URL. You can also download, print, or export forms to your preferred cloud storage service.

Editing 709 form 2012 online

9.5
Ease of Setup
pdfFiller User Ratings on G2
9.0
Ease of Use
pdfFiller User Ratings on G2
Follow the guidelines below to use a professional PDF editor:
1
Set up an account. If you are a new user, click Start Free Trial and establish a profile.
2
Simply add a document. Select Add New from your Dashboard and import a file into the system by uploading it from your device or importing it via the cloud, online, or internal mail. Then click Begin editing.
3
Edit 709 form 2012. Add and replace text, insert new objects, rearrange pages, add watermarks and page numbers, and more. Click Done when you are finished editing and go to the Documents tab to merge, split, lock or unlock the file.
4
Save your file. Choose it from the list of records. Then, shift the pointer to the right toolbar and select one of the several exporting methods: save it in multiple formats, download it as a PDF, email it, or save it to the cloud.
With pdfFiller, it's always easy to work with documents.

IRS 709 Form Versions

Version
Form Popularity
Fillable & printabley
4.4 Satisfied (50 Votes)
4.9 Satisfied (45 Votes)
4.3 Satisfied (29 Votes)
4.3 Satisfied (180 Votes)
4.3 Satisfied (182 Votes)
4.3 Satisfied (182 Votes)
4.2 Satisfied (54 Votes)
4.4 Satisfied (60 Votes)
4.0 Satisfied (25 Votes)
4.0 Satisfied (38 Votes)
4.3 Satisfied (55 Votes)
4.1 Satisfied (59 Votes)
4.0 Satisfied (41 Votes)
4.0 Satisfied (27 Votes)
4.2 Satisfied (24 Votes)
4.0 Satisfied (21 Votes)
4.4 Satisfied (32 Votes)
4.3 Satisfied (47 Votes)
4.0 Satisfied (50 Votes)
4.3 Satisfied (71 Votes)
4.0 Satisfied (39 Votes)
4.0 Satisfied (56 Votes)
4.1 Satisfied (35 Votes)

How to fill out 709 form 2012

Illustration

How to fill out 709 form 2012?

01
Gather all necessary information and documentation, such as the names and addresses of the donor and recipients, the value of the gifts, and any pertinent dates.
02
Download or obtain a copy of the 709 form 2012 from the Internal Revenue Service (IRS) website or a local IRS office.
03
Read the instructions thoroughly to understand the requirements and how to properly complete each section of the form.
04
Begin filling out the form by providing the basic information at the top, including the taxpayer's identification number, name, and address.
05
Proceed to Part 1 of the form where you will disclose information about the donor and recipients, including their names, addresses, and relationship to the taxpayer.
06
In Part 2, report any taxable gifts made by the donor during the calendar year, including the date and value of each gift.
07
If the donor is splitting gifts with their spouse, complete Part 3 accordingly, providing all necessary details.
08
In Part 4, calculate the total value of all taxable gifts made by the donor and determine if any exemptions apply based on certain thresholds and regulations.
09
Complete the remainder of the form, including any additional information required, signatures, and attachments as instructed.
10
Double-check all the entered information to ensure accuracy and completeness.
11
Make a copy of the completed form for your records before submitting it to the appropriate IRS office.

Who needs 709 form 2012?

01
The 709 form 2012 is required to be filed by any individual who has made taxable gifts during the calendar year and wishes to report them to the IRS.
02
It is also necessary for individuals who are splitting gifts with their spouse and want to report these joint gifts.
03
The form is typically applicable to taxpayers who exceed the annual gift exclusion amount set by the IRS, which determines the minimum value at which gifts become taxable.

What is the IRS Form 709?

IRS Form 709 calculates gift taxes and reports this amount to the Internal Revenue Service since some gifts, donations, or transfers are subject to taxation. The record also calculates taxes on generation-skipping transfers (GSTs). The taxpayer who gave the gift must pay the tax on it. The gift receiver may also be required to pay taxations on it.

Who should file Form 709 2012?

Submit IRS Form 709 in the following situations:

  • If the individual gave a gift valued greater than $15,000 to someone (other than their spouse) during the tax year
  • If the individual gave gifts as future interests in any dollar amount (even if they do not exceed $15,000).
  • If the individual is a part of a trust, estate, partnership, or corporation that gave gifts.

Keep in mind the person responsible for paying taxes is a donor. Nevertheless, if a donor does not pay the tax, the donee may have to pay it.

Please note that gifts made to political organizations, educational institutions, and medical institutions are not subject to gift taxes.

What information should be provided in IRS Form 709?

The filer must add the information about the donor and fill out all the attached schedules. Follow the instructions in the document to compute the amount of taxes due.

How do I fill out Form 709 in 2013?

The template is pretty long. In addition to the one-page record, filers should fill out the attached Schedules (A-D). Follow the guidelines below to accelerate the filling process with pdfFiller:

  1. Open the template in the online filler – click Get Form.
  2. Provide the required general information in Part 1.
  3. Indicate taxable gifts, taxes, and credits in Part 2.
  4. Review the page to determine what Schedules to attach.
  5. Fill out the required Schedules.
  6. Double-check the document.
  7. Click Done at the bottom of the template or in the top-right corner.
  8. Insert the data of the file preparation.
  9. Get the record in your preferred way: save it to your device, print it out, transfer it to the cloud, or send it by email.

Is Form 709 accompanied by other forms?

Typically this document is sent with a taxpayer’s annual individual tax return. The donor should also attach other supporting documents if required.

When is Form 709 due?

File the record between the 1st of January and the 15th of April of the year after the gift was made.

Where do I send the document after its completion?

Forward the completed and signed record to the Department of the Treasury Internal Revenue Service Center Cincinnati, OH 45999.

Instructions and Help about 709 form 2012

Come back to another video for harbor financial online.com today we're going to be talking about the gift tax return form 7:09 and if you're required to file this return so let's go through the video slides here I'm and explain it to you guys in a way that makes sense and see if you have to file this form the annual gift tax exclusion allows you to give money to people without having to pay tax on that gift if you qualify for the exclusion you can give up to $13,000 to a person and not have to pay tax that you must file form 7:09 if you give a gift more than 13-thousand to someone now as I go through this video I want to see here our website harbor financial online.com allows you to prepare your taxes online, and we provide a bunch of information on that site for free that you can go through all the different credits deductions every area of tax it's going to allow you to save some money now a husband and wife cannot file a joint gift tax return together what I mean by this is each one of you have...

Fill form : Try Risk Free

Rate free

4.1
Satisfied
59 Votes

People Also Ask about 709 form 2012

For pdfFiller’s FAQs

Below is a list of the most common customer questions. If you can’t find an answer to your question, please don’t hesitate to reach out to us.

Form 709, officially known as the United States Gift (and Generation-Skipping Transfer) Tax Return, is a tax form used by taxpayers to report gifts made during their lifetime that exceed the annual gift tax exclusion. The form helps the Internal Revenue Service (IRS) keep track of any potential taxable gifts made by individuals, and if necessary, determine any gift tax liability owed. It is important to file Form 709 accurately and on time to comply with the tax rules and regulations set forth by the IRS.
The 709 form, also known as the Gift and Generation-Skipping Transfer Tax Return, is required to be filed by individuals who have made certain gifts during the year that exceed the annual exclusion amount or who have made gifts subject to the generation-skipping transfer tax. Specifically, the following individuals are required to file a 709 form: 1. U.S. citizens or residents who have made gifts exceeding the annual exclusion amount ($15,000 per recipient in 2021). 2. Non-U.S. citizens or residents who have made gifts of U.S. situs property and the total value of these gifts exceeds $16,000. 3. Individuals who have made generation-skipping transfers (GSTs) or have direct skips, regardless of whether any tax is due. 4. Executors of estates that elect the portability of a deceased spouse's unused exclusion amount. 5. Individuals who want to split gifts with their spouse to utilize both spouses' annual exclusion amounts for gift tax purposes. 6. Individuals who want to apply any unused gift tax exclusion to their generation-skipping transfer tax exemption. It's important to note that even if an individual is not required to file a 709 form, they may choose to do so in order to establish the value of gifts made or to start the statute of limitations on the IRS assessing any gift tax owed.
To fill out a 709 form, which is used to report gifts subject to gift tax, follow these steps: 1. Obtain the necessary form: You can download Form 709 from the Internal Revenue Service (IRS) website or obtain a printed copy from a local IRS office. 2. Provide identification information: Enter your full name, social security number (SSN), and address in the section labeled "Identification." 3. Indicate the tax year: Enter the tax year to which the form applies. 4. Identify your relationship: Check the box next to your relationship to the recipient of the gift (e.g., self, spouse, etc.). 5. Report gifts given during the year: In Part 1, enter the name and SSN of each recipient of a gift you made during the tax year. Provide the total value of the gift in the "Total" column. 6. Calculate the total taxable gifts: In Part 2, calculate the total value of all taxable gifts made during the tax year by adding up the amounts from Part 1. 7. Apply any deductions or exclusions: If you qualify for any deductions, exclusions, or credit, complete the relevant sections of the form to reduce your total taxable gifts. 8. Compute the gift tax: Use the instructions provided with Form 709 to determine the gift tax due based on your total taxable gifts. Calculate any applicable taxes, credits, and adjustments. 9. Report prior years' gifts (if applicable): In Part 6, report any gifts from prior years that are being continued or being added to in the current tax year. 10. Complete additional sections, if required: Depending on your specific situation, you may need to complete other sections of the form, such as Schedule A to report split gifts or additional explanations if certain conditions apply regarding valuation. 11. Sign and submit the form: Sign and date the form, and keep a copy for your records. If the gift tax is due, make sure to include payment with the form. File the completed form with the IRS according to their instructions. Keep in mind that gift tax laws can be complex, and it is advisable to consult a tax professional or refer to IRS guidance if you have any questions or if your situation involves significant amounts or complexities.
Form 709, also known as United States Gift (and Generation-Skipping Transfer) Tax Return, is used to report certain gifts made during an individual's lifetime. The purpose of the form is to determine whether any gift tax is owed or if the gifts made exceed the annual and lifetime exemptions set by the Internal Revenue Service (IRS). The form is filed by the donor to provide information about the donor, the recipient, and the value of the gift for tax purposes.
Form 709 is used to report certain transfers or gifts made during the year, and is required to be filed by individuals who have made gifts that exceed the annual gift tax exclusion. The following information must be reported on Form 709: 1. Information about the donor: This includes the name, address, social security number, and relationship to the recipient(s) of the gift. 2. Information about the recipient(s) of the gift: This includes the name, address, and relationship to the donor. 3. Description of the gift: This includes a detailed description of the gifted property, such as cash, stocks, real estate, etc. 4. Fair market value (FMV) of the gift: The FMV of the property or assets transferred, which is the value it would have on the open market. 5. Basis of the gift: The donor needs to report their cost basis for the gifted property. This is important for determining the amount of capital gains tax if the recipient later sells the gift. 6. Date of the gift: The exact date the gift was made. 7. Amount of annual exclusion used: The donor can exclude a certain amount of gifts each year from being subject to gift tax. The form requires reporting whether any portion of this exclusion was used for a specific gift. 8. Calculation of taxable gifts: This section requires calculating the total amount of taxable gifts made during the year, which exceeds the annual exclusion. The IRS provides a gift tax calculator to assist in this calculation. It is important to note that Form 709 should be filed even if no gift tax is due, as the IRS requires the reporting of gifts that exceed the annual exclusion.
The deadline to file Form 709, which is used for reporting gift tax returns, can vary depending on the specific circumstances. Generally, Form 709 must be filed by April 15 of the year following the gift. However, if April 15 falls on a weekend or holiday, the deadline may be extended to the next business day. To obtain the most accurate and up-to-date information regarding the deadline for filing Form 709 in 2023, it is recommended to check the official IRS website or consult a tax professional.
The penalty for the late filing of Form 709, which is the United States Gift (and Generation-Skipping Transfer) Tax Return, is generally calculated based on the amount of unpaid gift tax. As of 2021, the penalty is 5% per month (or part of a month) on the unpaid gift tax, up to a maximum of 25% of the total tax due. However, if the late filing is due to reasonable cause and not willful neglect, the penalty may be waived or reduced. It's important to consult with a tax professional or the IRS for specific penalty details and any potential exemptions or waivers.
Simplify your document workflows and create fillable forms right in Google Drive by integrating pdfFiller with Google Docs. The integration will allow you to create, modify, and eSign documents, including 709 form 2012, without leaving Google Drive. Add pdfFiller’s functionalities to Google Drive and manage your paperwork more efficiently on any internet-connected device.
pdfFiller has made it simple to fill out and eSign 709 form 2012. The application has capabilities that allow you to modify and rearrange PDF content, add fillable fields, and eSign the document. Begin a free trial to discover all of the features of pdfFiller, the best document editing solution.
With pdfFiller, the editing process is straightforward. Open your 709 form 2012 in the editor, which is highly intuitive and easy to use. There, you’ll be able to blackout, redact, type, and erase text, add images, draw arrows and lines, place sticky notes and text boxes, and much more.

Fill out your 709 form 2012 online with pdfFiller!

pdfFiller is an end-to-end solution for managing, creating, and editing documents and forms in the cloud. Save time and hassle by preparing your tax forms online.

Get started now
Form preview

Related Forms