Get the free FORM 709 (REV. 10-1990). UNITED STATES GIFT (AND GENERATION-SKIPPING TRANSFER) TAX R...

Form. (Rev. October 1990). Department of the Treasury. Internal Revenue Service ... 9 If you received an extension of time to file this Form 709, check here El ...

How to fill out form 709 rev 10-1990

How to fill out Form 709 Rev 10-1990:

1. Obtain the form: The Form 709 Rev 10-1990, also known as the United States Gift (and Generation-Skipping Transfer) Tax Return, can be obtained from the Internal Revenue Service (IRS) website or by visiting a local IRS office.
2. Provide personal information: In the form, you will need to fill out personal information such as your name, address, and social security number. If you are married, you will also need to include your spouse's information.
3. Specify the gift details: Next, you will need to provide details of the gifts made during the tax year. This includes the date of the gift, the description of the property gifted, and the fair market value of the gift at the time it was given.
4. Calculate the gift tax: Use the appropriate tables and calculations provided with the form to determine the gift tax owed. If the total taxable gifts for the year exceed the annual exclusion amount (which is subject to change), you may be liable to pay gift tax.
5. Complete the Schedule A: If any of the gifts made during the year are considered a generation-skipping transfer, you will need to complete the Schedule A section of the form. This will require additional information and calculations.
6. Attach additional documentation: If necessary, attach supporting documentation such as appraisals, valuation statements, or any other relevant papers to substantiate the reported gifts.
7. Sign and date the form: Once you have completed the form, sign and date it to certify that the information provided is accurate to the best of your knowledge.

Who needs Form 709 Rev 10-1990?

1. Individuals making taxable gifts: Anyone who had made gifts during the tax year that exceed the annual exclusion amount (set by the IRS) needs to file Form 709. This applies to both U.S. citizens and resident aliens.
2. Executors of estates: If an individual passed away during the tax year and had made taxable gifts before their death, the executor of their estate must file Form 709 on behalf of the deceased.
3. Spouses splitting gifts: In cases where married couples decide to split gifts, each spouse will need to file their own Form 709 to report their share of the gifts given.

Remember, it is always advisable to consult a tax professional or refer to the official instructions provided by the IRS to ensure accurate completion of Form 709 Rev 10-1990 and to comply with any updates or changes in tax regulations.

For pdfFiller’s FAQs

What is form 709 rev 10?

Form 709 rev 10 is the United States Gift (and Generation-Skipping Transfer) Tax Return.

Who is required to file form 709 rev 10?

Individuals who make gifts to others during the year may be required to file Form 709 rev 10.

How to fill out form 709 rev 10?

Form 709 rev 10 must be completed with detailed information about the gifts made during the year, including the fair market value of the gifts.

What is the purpose of form 709 rev 10?

The purpose of Form 709 rev 10 is to report gifts made during the year and determine if any gift tax is owed.

What information must be reported on form 709 rev 10?

Information such as the donor's details, recipient's details, description of the gifts, and their value must be reported on Form 709 rev 10.

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