Get the free 1998 Form 709. United States Gift (and Generation-Skipping Transfer) Tax Return

Form (Section 6019 of the Internal Revenue Code) (For gifts made after December 31, 1997) Department of the Treasury Internal Revenue Service 709 United States Gift (and Generation-Skipping Transfer)

How to fill out 1998 form 709 united

How to fill out 1998 Form 709 United?

1. Begin by obtaining the 1998 Form 709 United, which is the United States Gift (and Generation-Skipping Transfer) Tax Return for the year 1998.
2. Start filling out the form by providing the necessary personal information, such as your name, address, and Social Security number.
3. Identify whether you are the donor or the donor's representative, and provide the name and Social Security number of the donor.
4. Proceed to the first part of the form, where you will be required to report all taxable gifts made during the calendar year 1998. Input the date of the gift, the fair market value of the gift, and any deductions or exclusions that may apply.
5. If you have made any previous taxable gifts before 1998, report them in the second part of the form, providing the necessary details for each gift.
6. Move on to Part 3 of the form, which deals with the computation of tax. Calculate the total tax due based on the taxable gifts reported and any applicable tax rates and credits.
7. If there were any prior gift tax payments or credits, report them in Part 4 of the form.
8. Finally, sign and date the completed Form 709, and make sure to attach any supporting documents or schedules that may be required.

Who needs 1998 Form 709 United?

1. Individuals in the United States who made taxable gifts during the calendar year 1998 are required to file the 1998 Form 709 United.
2. The form is also necessary for donors or their representatives who want to compute and pay the applicable gift tax for the specified year.
3. Any individual who is subject to the United States Gift (and Generation-Skipping Transfer) Tax and made taxable gifts in 1998 should use this form to fulfill their tax obligations.

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What is form 709 united states?

Form 709 is a United States tax form used to report the gift tax amounts for individuals who give gifts exceeding the annual exclusion amount.

Who is required to file form 709 united states?

Individuals who have given gifts exceeding the annual exclusion amount, currently set at $15,000 per person per year, are required to file Form 709.

How to fill out form 709 united states?

Form 709 requires you to provide information about the gifts you have given, including the value, recipient, and any applicable deductions or exclusions. It is recommended to consult a tax professional or refer to the instructions provided by the Internal Revenue Service (IRS) for detailed guidance on filling out the form.

What is the purpose of form 709 united states?

The purpose of Form 709 is to calculate and report any gift tax liability resulting from giving gifts that exceed the annual exclusion amount. It allows the IRS to track and ensure compliance with the gift tax regulations.

What information must be reported on form 709 united states?

Form 709 requires you to report information about the gifts you have given, including the value, recipient's relationship to you, the fair market value of the gift, and any deductions or exclusions claimed.