Form United States Gift and Generation-Skipping Transfer Tax Return Section 6019 of the Internal Revenue Code For gifts made after December 31 1991 Rev. December 1996 Department of the Treasury Internal Revenue Service Donor s first name and middle initial Part 1 General Information OMB No. 1545-0020 Calendar year 19 See separate instructions. For Privacy Act Notice see the Instructions for Form 1040. Donor s social security number Address number street and apartment number Legal residence...domicile county and state City state and ZIP code Citizenship If the donor died during the year check here and enter date of death. If you received an extension of time to file this Form 709 check here and attach the Form 4868 2688 2350 or extension letter Enter the total number of separate donees listed on Schedule A count each person only once. Form United States Gift and Generation-Skipping Transfer Tax Return Section 6019 of the Internal Revenue Code For gifts made after December 31 1991...Rev* December 1996 Department of the Treasury Internal Revenue Service Donor s first name and middle initial Part 1 General Information OMB No* 1545-0020 Calendar year 19 See separate instructions. For Privacy Act Notice see the Instructions for Form 1040. Donor s social security number Address number street and apartment number Legal residence domicile county and state City state and ZIP code Citizenship If the donor died during the year check here and enter date of death. If you received an...extension of time to file this Form 709 check here and attach the Form 4868 2688 2350 or extension letter Enter the total number of separate donees listed on Schedule A count each person only once. No 11a Have you the donor previously filed a Form 709 or 709-A for any other year If the answer is No do not complete line 11b 11b If the answer to line 11a is Yes has your address changed since you last filed Form 709 or 709-A Gifts by husband or wife to third parties. Do you consent to have the...gifts including generation-skipping transfers made by you and by your spouse to third parties during the calendar year considered as made one-half by each of you See instructions. If the answer is Yes the following information must be furnished and your spouse must sign the consent shown below. If the answer is No skip lines 13 18 and go to Schedule A. Name of consenting spouse Were you married to one another during the entire calendar year see instructions If the answer to 15 is No check...whether Will a gift tax return for this calendar year be filed by your spouse 14 SSN married divorced or Date Enter the amount from Schedule A Part 3 line 15 Total taxable gifts add lines 1 and 2 Tax computed on amount on line 3 see Table for Computing Tax in separate instructions Balance subtract line 5 from line 4 Maximum unified credit nonresident aliens see instructions Enter the unified credit against tax allowable for all prior periods from Sch* B line 1 col* C Enter 20. 20 of the amount...allowed as a specific exemption for gifts made after September 8 1976 and before January 1 1977 see instructions Unified credit enter the smaller of line 6 or line 11 Credit for foreign gift taxes see instructions Total credits add lines 12 and 13 Generation-skipping transfer taxes from Schedule C Part 3 col* H Total Total tax add lines 15 and 16 Gift and generation-skipping transfer taxes prepaid with extension of time to file If line 18 is less than line 17 enter BALANCE DUE see instructions...If line 18 is greater than line 17 enter AMOUNT TO BE REFUNDED Part 2 Tax Computation widowed and give date see instructions Consent of Spouse I consent to have the gifts and generation-skipping transfers made by me and by my spouse to third parties during the calendar year considered as made one-half by each of us.
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Instructions and Help about IRS 709
How to edit IRS 709
How to fill out IRS 709
Instructions and Help about IRS 709
How to edit IRS 709
To edit IRS Form 709, utilize form editing software that allows for input modification and annotation. pdfFiller can help in adding, deleting, or rearranging form fields as necessary. Ensure that any changes comply with IRS guidelines to avoid discrepancies during filing.
How to fill out IRS 709
Filling out IRS Form 709 requires careful attention to the provided instructions. Begin by entering the taxpayer's information, including name and Social Security Number. Clearly document any gifts made during the tax year and include their values, ensuring that all relevant exemptions are considered. Use pdfFiller to facilitate the filling process through easy navigation of the form's sections.
About IRS previous version
What is IRS 709?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
Due date
What payments and purchases are reported?
How many copies of the form should I complete?
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS previous version
What is IRS 709?
IRS Form 709 is the United States Gift (and Generation-Skipping Transfer) Tax Return. This form is used to report the transfer of gifts that exceed the annual exclusion amount set by the IRS. It is part of the U.S. tax code governing gift taxation and is applicable to taxpayers who make significant gifts during a calendar year.
What is the purpose of this form?
The purpose of IRS Form 709 is to document taxable gifts and calculate any potential gift tax owed. It also serves to track lifetime gift exemptions and generational transfers that could trigger a tax liability. Accurate completion of this form is essential for ensuring compliance with federal gift tax laws.
Who needs the form?
Any U.S. taxpayer who makes a gift that exceeds the annual exclusion amount must file IRS Form 709. This includes individuals who contribute to a trust or give multiple gifts within the year. In cases where a gift is made to spouses, additional forms may be required to report these transfers correctly.
When am I exempt from filling out this form?
You are exempt from filing IRS Form 709 if your total gifts for the year are below the annual exclusion limit. For 2023, the limit is $17,000 per recipient. Gifts made to spouses or qualified charities are also generally exempt from this reporting requirement.
Components of the form
IRS Form 709 consists of various sections, including the donor's information, identification of the recipient(s), and detailed descriptions of the gifts made. Additionally, it includes calculations for any applicable gift tax and documentation of previous lifetime gifts and exclusions. Each part of the form must be completed accurately to avoid issues during filing.
Due date
The due date for filing IRS Form 709 is generally April 15 of the year following the year in which the gifts were made, unless an extension is filed. This corresponds with the due date for filing individual income tax returns. Keep in mind that penalties may apply for late filings or for failure to file at all.
What payments and purchases are reported?
Form 709 requires reporting of all gifts that surpass the annual exclusion amount, including cash, property, and other assets. Specific exclusions, such as payments for tuition or medical bills made directly to the provider, do not need to be reported. Ensure that all taxable gifts are accurately documented for IRS compliance.
How many copies of the form should I complete?
Typically, only one IRS Form 709 is required to be filed for each tax year; however, multiple copies may be needed if gifts were made to different recipients. Each recipient should have a copy of relevant documentation pertaining to the gifts they received for their records.
What are the penalties for not issuing the form?
The penalties for failing to file IRS Form 709 or for filing it late can include monetary fines. The penalty is generally 5% of the unpaid tax for each month or part of a month that the return is late, not exceeding 25%. Additionally, failing to report taxable gifts can lead to interest accruing on any potential liabilities.
What information do you need when you file the form?
When filing IRS Form 709, gather essential details such as donor and recipient names and addresses, Social Security Numbers, descriptions and values of gifts, and records of prior gifts. Additionally, maintain proof of gift valuations and any documents that support exemptions or deductions claimed on the form.
Is the form accompanied by other forms?
IRS Form 709 may need to be accompanied by other documents, such as appraisals for valuable gifts or forms detailing prior gifts if the lifetime exclusion threshold has been met. Review IRS guidelines for any additional forms required based on the nature and value of gifts.
Where do I send the form?
IRS Form 709 should be mailed to the address listed in the instructions specific to the form or the relevant filing location based on your state of residence. Check the IRS website for updates on filing addresses to ensure proper submission and timely compliance.
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