Get the free 1998 form 709 instructions - irs

Department of the Treasury Internal Revenue Service Instructions for Form 709 Revised January 1999 United States Gift and Generation-Skipping Transfer Tax Return For gifts made during calendar year 1998. For Privacy Act Notice see the Instructions for Form 1040. Section references are to the Internal Revenue Code unless otherwise noted. If you are filing this form solely to elect gift-splitting for gifts of not more than 20 000 per donee you may ...

How to fill out 1998 form 709 instructions

How to fill out 1998 Form 709 instructions:

1. Begin by carefully reading the instructions provided with the form. These instructions will guide you through the process of filling out Form 709 accurately and completely.
2. Gather all the necessary information and documents needed to fill out the form. This may include details about the gifts you made during the year, the recipients of those gifts, and any other relevant financial information.
3. Start by entering your personal information, such as your name, address, and social security number, in the designated fields. Make sure to double-check for accuracy.
4. Provide details about the gifts you made during the year, including the date of each gift, the description of the property or asset given, and its fair market value at the time of the gift. You may also need to indicate if the gift qualifies for any exclusions or deductions.
5. If you made gifts to a spouse who is not a U.S. citizen or to a trust, additional information may be required. Follow the instructions provided to complete these sections accurately.
6. Calculate the total value of all the gifts made during the year and enter it in the appropriate section of the form.
7. Look for any additional schedules or attachments that may be required based on your specific situation. These could include reporting certain types of gifts or transfers.
8. Carefully review the completed form for any errors or omissions. Make sure all the required fields are filled out and that the information provided is accurate and understandable.
9. Sign and date the form. If you are filing jointly with your spouse, both of you will need to sign.
10. Keep a copy of the filled-out form and any supporting documents for your records.

Who needs 1998 Form 709 instructions?

1. Individuals who made gifts exceeding the annual exclusion amount during the year. The Form 709 is used to report and calculate the gift tax liability, if any, on these gifts.
2. Executors or trustees of estates that made gifts during the year. It is important for them to understand and comply with the instructions to accurately report and pay any applicable gift taxes.
3. Tax professionals or advisors who assist clients with gift tax planning and compliance. Understanding the instructions for Form 709 is crucial for providing accurate advice and guidance to clients.

For pdfFiller’s FAQs

What is form 709 instructions?

Form 709 instructions are the guidelines provided by the Internal Revenue Service (IRS) for completing and filing Form 709, which is the United States Gift (and Generation-Skipping Transfer) Tax Return.

Who is required to file form 709 instructions?

Individuals who have given gifts or made certain transfers of property to others, exceeding the annual exclusion amount, are required to file Form 709 and follow the associated instructions.

How to fill out form 709 instructions?

To fill out Form 709, individuals must provide their personal information, details about the gifted property, its value, and other relevant information as outlined in the instructions provided by the IRS.

What is the purpose of form 709 instructions?

The purpose of Form 709 instructions is to ensure accurate reporting and payment of gift and generation-skipping transfer taxes owed to the IRS.

What information must be reported on form 709 instructions?

Form 709 instructions require the reporting of various details, including the identity of the donor and recipient, the date of the gift, a description of the gifted property, its fair market value, and any applicable deductions or exemptions.

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