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1999Department of the Treasury Internal Revenue ServiceInstructions for Form 709 United States Gift (and Generation Skipping Transfer) Tax Return (For gifts made during calendar year 1999.) For Privacy

How to fill out instructions for form 709

Instructions for filling out form 709:

1. Start by downloading form 709 from the Internal Revenue Service (IRS) website or obtain a copy from your local IRS office.
2. Begin by providing your basic information at the top of the form, including your name, Social Security number, and the year for which you are filing the form.
3. Continue by reporting the details of the gift or gifts given during the tax year on lines 1-5. This includes the description of the gift, its value, and the recipient's information.
4. If you made any prior taxable gifts, report them on line 6 along with the date of the gift and the total amounts previously reported.
5. Determine if any deductions apply to your situation. For example, if you made gifts to your spouse, certain charities, or paid qualified educational or medical expenses, report them on lines 7-11 and follow the instructions for each line.
6. Calculate the total taxable gifts by adding lines 1-6 and enter the result on line 12. Subtract any applicable deductions on line 13 to arrive at the net taxable gifts.
7. On lines 14-16, indicate the amount of the tax payable and any applicable credits or taxes paid. Follow the instructions carefully to ensure accurate reporting.
8. If you need to report any generation-skipping transfers, is make sure to complete Part 3 of the form as instructed.
9. Once you have filled out all the necessary sections of the form, sign and date it, and provide any additional required information, such as your preparer's information if applicable.
10. Keep a copy of the completed form 709 for your records and submit it to the IRS by the due date, typically April 15th of the year following the gift tax year.

Who needs instructions for form 709?

1. Individuals who have made substantial gifts during the tax year: Form 709 is required for individuals who make gifts exceeding the annual exclusion amount set by the IRS. This form allows the IRS to track and assess any potential gift tax owed.
2. Executors of estates: If an individual passed away and their estate is required to file a federal estate tax return (Form 706), the executor may also need to file Form 709 to account for any taxable gifts made by the decedent before their death.
3. Tax professionals and preparers: Form 709 can be complex, especially for those who are not familiar with gift tax rules. Tax professionals and preparers who assist clients with gift tax planning and reporting will require instructions to ensure accurate completion of the form.
4. Individuals seeking to understand gift tax rules: Even if the gift you made does not exceed the annual exclusion amount, it can still be helpful to review the instructions for form 709 to gain a better understanding of gift tax rules and how they may apply to your situation. This can help you make informed decisions regarding gifts and potential tax implications.

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What is instructions for form 709?

Form 709 is used to report gifts given by individuals which exceed the annual gift tax exclusion.

Who is required to file instructions for form 709?

Individuals who have given gifts exceeding the annual exclusion amount or want to split gifts with their spouses must file Form 709.

How to fill out instructions for form 709?

Instructions for Form 709 should be completed accurately, providing all necessary information about the gifts given and any applicable exclusions or deductions.

What is the purpose of instructions for form 709?

The purpose of Form 709 is to report gifts that are subject to gift tax to ensure compliance with tax laws.

What information must be reported on instructions for form 709?

Information such as the donor's and recipient's details, gift amounts, any exclusions or deductions taken, and calculations of gift tax owed must be reported on Form 709.