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This form is used to report transfers subject to the Federal gift tax and certain generation-skipping transfer (GST) taxes. It includes instructions for filing, requirements for who must file, exclusions,
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How to fill out form 709
How to fill out Form 709
01
Gather necessary documentation, including details of the gifts you made during the year.
02
Obtain Form 709 from the IRS website or your tax preparation software.
03
Provide the year for which you're filing the form at the top of the document.
04
Fill out your personal information in the top section, including your name, address, and Social Security Number.
05
Report the details of your gifts in Part 1 of the form, including the recipient’s name, the value of each gift, and the dates of gifts.
06
Complete Part 2 if you are splitting gifts with your spouse or reporting any gifts that may qualify for annual exclusions.
07
If applicable, fill out Part 3 to report any unused exclusion amounts from previous years.
08
Sign and date the form at the bottom to certify that the information provided is accurate.
09
Submit Form 709 by the tax filing deadline, typically April 15 of the following year.
Who needs Form 709?
01
Form 709 is needed by individuals who have made gifts exceeding the annual exclusion limit, which can vary each year, or those who wish to split gifts with their spouse for tax purposes.
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How much does it cost to prepare a Form 709?
The Cost of Tax Preparation Tax FormCost per FormAverage Hourly Fees Form 709 (Gift Tax) $421 $178.29 Form 1041 (Fiduciary) $576 $172.66 Form 1065 (Partnership) $733 $177.29 Form 990 (Exempt Organization) $735 $171.4810 more rows
Can you submit Form 709 online?
You cannot e-file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The Instructions for Form 709 direct you to mail it to the applicable address listed below.
Does a gift from your parents have to be reported to the IRS as income?
You most likely won't owe any gift taxes on a gift your parents make to you. Depending on the amount, your parents may need to file a gift tax return. If they give you or any other individual more than $38,000 in 2025 ($19,000 per parent), they will need to file some paperwork.
What is the IRS rule for gifting money to family members?
The total value of gifts the individual gave to at least one person (other than his or her spouse) is more than the annual exclusion amount for the year. The annual exclusion amount for 2025 is $19,000 and for 2024 is $18,000.
How much money can be gifted to a family member without being taxed?
Any gifts exceeding $18,000 in a year must be reported and contribute to your lifetime exclusion amount. You can gift up to $13.61 million over your lifetime without paying a gift tax on it (as of 2024). The IRS adjusts the annual exclusion and lifetime exclusion amounts every so often.
Who is required to file Form 709?
If you make a taxable gift (one in excess of the annual exclusion), you are required to file Form 709: US Gift (and Generation-Skipping Transfer) Tax Return. The return is required even if you don't actually owe any gift tax due to the $13.61 million lifetime exemption.
How does the IRS know if you give a gift?
0:12 2:51 Amount you need to report it to the IRS. Under certain conditions for the tax year 2025. You canMoreAmount you need to report it to the IRS. Under certain conditions for the tax year 2025. You can give up to $19,000 to any one person without having to report. It.
Who pays the gift tax, the giver or the receiver?
Gift tax is paid by the giver of money or assets, not the receiver. The good news is that this threshold is so high that few people end up having to pay the gift tax. These thresholds are referred to as exclusions. There are two separate gift tax exclusions: An annual exclusion and a lifetime exclusion.
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What is Form 709?
Form 709 is the United States Gift (and Generation-Skipping Transfer) Tax Return, which is used to report gifts that exceed the annual exclusion amount and to calculate the gift tax due, if any.
Who is required to file Form 709?
Individuals who give gifts over the annual exclusion limit, which is currently $17,000 per recipient as of 2023, are required to file Form 709. This includes gifts to individuals or to certain trusts.
How to fill out Form 709?
To fill out Form 709, you need to identify the gifts made during the tax year, report details including the recipient, the value of the gift, and calculate any applicable gift tax. The form includes sections for both gifts and generation-skipping transfers.
What is the purpose of Form 709?
The purpose of Form 709 is to report gifts that are subject to federal gift tax and to compute any taxes owed on those gifts. It helps ensure compliance with U.S. tax law regarding the transfer of wealth.
What information must be reported on Form 709?
Form 709 requires reporting details such as the donor's and recipient's information, a description of the gifts, the fair market value of those gifts, any amounts that qualify for exclusion, and calculations for any potential gift tax liability.
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