IRS 709 2008 free printable template

United States Gift (and Generation-Skipping Transfer) Tax Return. Form. 709. ( For gifts made during calendar year 2008). OMB No. 1545-0020. Department of ...

• What is the IRS Form 709?
• Who should file Form 709 2008?
• • What information should be provided in IRS Form 709?
  • How do I fill out Form 709 in 2009?
  • 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 2008?

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 2009?

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 2008 709 form

In disaster on highway seven or nine webinars a couple of things that we're going to go through today we're going to go through some common mistakes that we've seen on gift tax returns it's extremely important this year because of the number of gift tax returns that are going to be filed that we prepare these correctly to help make sure we use the right amount of the lifetime gift exemption available to the clients and that we also provide full and adequate disclosure what we've also done is at pages 53 through 58 of the PowerPoint we provided a checklist this is pretty much all the information you're going to need to ask for from a client to prepare the gift tax return for them and then at pages 59 and 60 of the PowerPoint I have a fact pattern which we generated to be able to produce two sample 709 s the sample 709 s were also sent to you, they're separate PDFs, and we'll go through those as well as we're going through the program so that being said we'll go ahead and get started ok so during 2011 the lifetime gift tax exemption was increased from 1 million dollars to five million dollars that amount was increased to 5 million 120 thousand dollars for 2012, and originally it was scheduled if Congress took no additional action that on January 1st 2013 the last time gift exemption would be reduced back to 1 million dollars now I'm sure everyone's aware Congress did Act they've extended the gifting allowance made a permanent, and it's indexed for inflation, so it's actually increased to five million two hundred fifty thousand dollars but because there was such uncertainty and what happened is most of our clients and if they didn't make gifts in 2011 made gifts in 2012 utilizing this extra four million dollars worth of exemption that they had so because of that we need to be certain that the gift tax returns that were filed are prepared correctly, and you're going to be filing a lot of gift tax returns this year, so now we're going to touch on what we think are the ten most common mistakes that we see the most important thing the gift tax return can do is to provide adequate disclosure to the Internal Revenue Service if you don't provide adequate disclosure and the number one thing that you're preventing is the statute of limitations from running and typically the IRS see later has three years from the filing of a gift tax return to audit the gift but if they don't have adequate disclosure then that statute of limitations doesn't run second thing that we see is that the clients annual exclusion is not used appropriately to reduce the value of the taxable gift now when that happens you're wasting the clients exemption and making it so that instead of possibly having $100,000 gifts being reported save seventy-six thousand dollars if they have twenty-four thousand dollars worth of crummy BS available you'd report it as one hundred wasting that twenty-four thousand and couldn't be used in the future we'll talk about that in more detail in a bit air 2...

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