IRS 709 1989 free printable template

Form 1. (Rev. December 1989). United States Gift (and Generation-Skipping ... E 9 If you received an extension of time to file this Form 709, check here EI and ...

How to fill out form 709 rev 12-1989

How to fill out form 709 rev 12-1989:

1. Start by entering the names and addresses of the donor and the recipient in the designated fields on the form.
2. Provide the date of the gift and indicate the relationship between the donor and the recipient.
3. Specify the type of gift being made, whether it is cash, property, or other assets.
4. If the gift is made jointly with a spouse, include the spouse's information on the form as well.
5. Calculate the total value of the gift and report it accurately in the appropriate section of the form.
6. If any deductions or exclusions apply to the gift, ensure that they are properly claimed and documented.
7. Provide additional details about the gift, such as any special elections or conditions associated with it.
8. Sign and date the form before submitting it to the appropriate tax authority.

Who needs form 709 rev 12-1989:

1. Individuals who make taxable gifts during the calendar year exceeding the annual exclusion amount.
2. Donors who split gifts with their spouse or elect to use the deceased spouse's unused exclusion amount.
3. Individuals who wish to report transfers subject to the generation-skipping transfer tax.
4. Executors of estates that file a federal estate tax return and elect portability of the deceased spouse's unused exclusion amount.

Note: It is recommended to consult with a tax professional or refer to the official instructions for form 709 rev 12-1989 for specific guidance and requirements in your situation.

• What is the IRS Form 709?
• Who should file Form 709 1989?
• • What information should be provided in IRS Form 709?
  • How do I fill out Form 709 in 1990?
  • Is Form 709 accompanied by other forms?
  • When is Form 709 due?
  • Where do I send the document after its completion?

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 1989?

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 1990?

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.

For pdfFiller’s FAQs

What is form 709 rev 12-1989?

Form 709 is a United States Internal Revenue Service (IRS) tax form titled "United States Gift (and Generation-Skipping Transfer) Tax Return." It is used to report gifts made during the tax year that exceed the annual exclusion amount. The "rev 12-1989" in the form number indicates the revision date of the form, which in this case is December 1989. The revision date represents the most recent update to the form from the IRS.

Who is required to file form 709 rev 12-1989?

The form 709 (Rev. 12-1989) is used by individuals who are required to report certain gifts made during the tax year. It is filed by the donor, which means individuals who have made gifts subject to the federal gift and generation-skipping transfer tax rules.

How to fill out form 709 rev 12-1989?

Form 709 is used to report gifts and transfers subject to gift tax. Here are the steps to fill out Form 709 (Rev 12-1989): 1. Obtain the necessary forms: Download Form 709 (Rev 12-1989) from the IRS website or collect a paper copy from an IRS office. 2. Provide general information: Provide the date at the top of the form and fill in the donor's name and Social Security Number (SSN) or Employer Identification Number (EIN), as well as the donor's address. 3. Complete Part 1: In Part 1, provide details about the type of return, the date of the gift, the total number of donees, and the total amount of the gift. 4. Fill out Part 2: In Part 2, list the details of each recipient (donee) of the gifts. Include their name, SSN or EIN, and relationship to the donor. Indicate the total value of the gift transferred to each donee. 5. Compute the tentative tax: In Part 3, calculate the tentative tax on the transferred gifts. 6. Complete the additional information: Provide additional information in Part 4, if necessary. This section is used to provide explanations or justifications for certain gift transfers. 7. Signature and date: Sign and date the form at the bottom. 8. Submit the form: Depending on your situation, file Form 709 either as part of your individual income tax return (Form 1040) or as a standalone gift tax return. Make sure to retain a copy for your records. Note: It is recommended to consult with a tax professional or refer to the comprehensive instructions provided by the IRS (available on their official website) when filling out Form 709.

What is the purpose of form 709 rev 12-1989?

Form 709 is used to report gifts and transfers subject to the federal gift and generation-skipping transfer (GST) tax. The form is titled "United States Gift (and Generation-Skipping Transfer) Tax Return" and is primarily used by individuals who have made substantial gifts or transfers during a calendar year that exceed the annual exclusion amount ($15,000 per donee in 2021), as well as those who have used part of their lifetime gift tax exemption. This form helps the Internal Revenue Service (IRS) track and assess gift and GST tax liabilities and ensure compliance with tax regulations.

What information must be reported on form 709 rev 12-1989?

Form 709 (Rev. 12-1989) is used to report the amount of a taxable gift made during the calendar year and to compute the gift tax. The following information must be reported on this form: 1. Donor's Information: The donor's full name, address, Social Security Number (SSN), and relationship to the recipient. 2. Recipient's Information: The recipient's full name, address, and relationship to the donor. 3. Valuation and Description of Gift: A detailed description of the gift, including its date of transfer, fair market value, and any deductions or adjustments claimed. 4. Previous Gifts: Any taxable gifts made by the donor in previous years, including the date and amount of each gift. 5. Unified Credit: Calculation of the unified credit against gift tax, including any available credit for previous taxable gifts. 6. Gift Tax Computation: The computation of the gift tax owed, taking into account the taxable gifts made during the calendar year and the unified credit. 7. Payments and Credits: Details of any payments or credits applied towards the gift tax liability. 8. Signature: The donor's signature, along with the date signed and preparer's information (if applicable). It's worth noting that the information required on the form may have been updated since the 1989 revision, so it's important to consult the most recent version of Form 709 and its instructions for accurate reporting.

When is the deadline to file form 709 rev 12-1989 in 2023?

The deadline to file Form 709 (Rev. December 1989) in 2023 is typically April 17th, 2023. However, please note that tax deadlines can sometimes change, so it is always a good idea to double-check with the Internal Revenue Service (IRS) or a tax professional for the most accurate and up-to-date information.

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