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This form is used to report gifts made by individuals to others and to calculate any taxes owed on those gifts, including provisions for generation-skipping transfers.
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How to fill out form 709
How to fill out Form 709
01
Determine if you need to file Form 709 based on gifts made during the tax year.
02
Obtain a copy of Form 709 from the IRS website or your tax professional.
03
Fill out Part 1 of the form with your personal information such as name, address, and taxpayer identification number.
04
Complete Part 2 by detailing the gifts you made, including the description, date of gift, and the recipient's information.
05
Calculate the total value of gifts made in the year and report any applicable exclusions.
06
Fill out Part 3 if you are electing to split gifts with your spouse.
07
Review your completed form for accuracy and ensure all required information is included.
08
Sign and date the form before submitting it to the IRS.
Who needs Form 709?
01
Individuals who have made gifts exceeding the annual exclusion amount ($17,000 for 2023) to any one recipient during the tax year.
02
Married couples who wish to elect to split gifts made to others during the year.
03
Individuals who are transferring future interests or making gifts with specific conditions attached.
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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 used to report gifts subject to federal gift tax and generation-skipping transfer taxes.
Who is required to file Form 709?
Any individual who makes gifts that exceed the annual exclusion limit or who wishes to allocate their generation-skipping transfer tax exemption must file Form 709.
How to fill out Form 709?
To fill out Form 709, taxpayers should provide their personal information, list the gifts made during the tax year, report the value of those gifts, and calculate any applicable gift tax owed or exemptions used.
What is the purpose of Form 709?
The purpose of Form 709 is to report taxable gifts and ensure that the gift tax is properly calculated and paid, complying with federal tax regulations.
What information must be reported on Form 709?
Form 709 requires information such as the donor's identity, details of the gifts made (including descriptions, dates, and values), any applicable exclusions, and calculations of the gift tax owed.
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