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709 Form Part 1 General Information Department of the Treasury Internal Revenue Service United States Gift (and Generation-Skipping Transfer) Tax Return OMB No. 1545-0020 (Section 6019 of the Internal
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How to fill out irs 1998 form 709
01
To fill out the IRS 1998 Form 709, you will need to have the necessary information and documentation readily available. This includes personal information like your name, social security number, and address, as well as the information of the donor(s) and donee(s).
02
Begin by entering the year in which the gift(s) were made. Form 709 is used to report gifts made during the calendar year, or any taxable gifts made in prior years that are being reported now.
03
Provide the appropriate identification information for the donor(s) and donee(s). This includes their names, social security numbers, and addresses.
04
Report the total value of the gifts made during the calendar year, following the instructions provided. It is essential to accurately calculate the total gift value to determine if any gift taxes are owed.
05
Determine if you are taking advantage of the annual exclusion gifts, which allows you to give a certain amount of money or property to an individual without incurring gift tax. If you have made any gifts that qualify for this exclusion, report them accordingly.
06
If you've made any taxable gifts during the year, report these separately on the relevant lines. Taxable gifts are those that exceed the annual exclusion amount.
07
Pay attention to any specific instructions and requirements stated on the form to ensure all the necessary information is properly provided.
Who needs the IRS 1998 Form 709?
01
Individuals who have made gifts above the annual exclusion amount need to report these gifts on the IRS 1998 Form 709.
02
Executors of estates that have made taxable gifts during the year also need to file this form.
03
Spouses of individuals who consent to split gifts made by either spouse and utilize their combined gift tax exclusions may also need to use this form.
It is important to consult with a tax professional or refer to the IRS instructions for Form 709 to ensure accurate completion and compliance with any updates or changes to the form.
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What is irs form 709?
IRS Form 709 is a United States tax form used to report gifts subject to gift and generation-skipping transfer taxes.
Who is required to file irs form 709?
Individuals who have made taxable gifts during the year or who wish to split gifts with their spouse are required to file IRS Form 709.
How to fill out irs form 709?
To fill out IRS Form 709, you need to provide information about the donor, recipient(s) of the gift, value of the gift, and calculate the gift tax owed.
What is the purpose of irs form 709?
The purpose of IRS Form 709 is to report taxable gifts, determine the gift tax liability, and keep track of the lifetime use of the unified gift and estate tax exemption.
What information must be reported on irs form 709?
Information that must be reported on IRS Form 709 includes details about the donor, the recipient(s) of the gift, description and value of the gift, and any previous taxable gifts made.
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