Get the free 1998 Form 709 - savewealthcom

Form 709 (Section 6019 of the Internal Revenue Code) (For gifts made after December 31, 1997) United States Gift (and Generation Skipping Transfer) Tax Return 1998 OMB No. 15450020 3 Donors social

How to fill out 1998 form 709

How to fill out 1998 Form 709:

1. Begin by identifying the purpose of Form 709. This form is used to report gifts and transfers subject to federal gift and generation-skipping transfer taxes.
2. Provide the necessary personal information. Fill in the taxpayer's name, address, social security number (or employer identification number), and the date the form is being filled out.
3. Determine the tax period. Specify the beginning and ending dates of the tax year for which the return is being filed. In this case, it would be for the year 1998.
4. Report gifts made during the tax year. Include the complete details of each gift, such as the recipient's name, relationship to the taxpayer, and the value of the gift. Items such as cash, property, stocks, and other assets subject to gift tax should be included.
5. Calculate the total taxable gifts. Add up the values of all the gifts made during the tax year and enter the total at the appropriate section of the form.
6. Report any prior gift tax paid. If the taxpayer has already paid gift tax on previous gifts, it should be reported on the form. This amount would be used to determine the total tax liability.
7. Determine any deductions or credits. If there are any deductions or credits applicable to the gifts made, they should be included in the appropriate sections of the form. Consult the instructions for Form 709 to identify any available deductions or credits.
8. Calculate the net gift tax. Subtract any applicable deductions or credits from the total gift tax to determine the net gift tax owed.
9. Sign and date the form. Make sure to sign and date the completed Form 709 to certify the accuracy of the information provided.

Who needs 1998 Form 709:

1. Individuals who made gifts exceeding the annual gift tax exclusion for the year 1998 may need to file Form 709. The annual gift tax exclusion amount determines which gifts are subject to taxation. It is important to consult the instructions or a qualified tax professional to determine if you meet the filing requirements.
2. Executors of estates with a deceased individual who made gifts prior to their death may also need to file Form 709. This applies if the deceased made gifts that exceeded the annual gift tax exclusion during the year 1998.
3. Married couples who elected gift-splitting for gifts made during the year 1998 may be required to file Form 709. Gift-splitting allows the combined value of each spouse's gifts to individuals to be treated as if made equally by both spouses. However, it is recommended to seek professional advice to determine if gift-splitting is suitable for your specific situation.

Remember, it is crucial to consult the instructions for Form 709 or a tax professional to ensure the accurate and compliant completion of the form.

For pdfFiller’s FAQs

What is form 709 - savewealthcom?

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

Who is required to file form 709 - savewealthcom?

Any individual who has given gifts that exceed the annual exclusion amount set by the IRS is required to file Form 709.

How to fill out form 709 - savewealthcom?

Form 709 should be filled out accurately and completely, reporting all gifts made during the tax year that exceed the annual exclusion amount.

What is the purpose of form 709 - savewealthcom?

The purpose of Form 709 is to report gifts made by an individual that exceed the gift tax exclusion amount and calculate any potential gift tax liability.

What information must be reported on form 709 - savewealthcom?

Form 709 requires reporting details of gifts made during the tax year, identification of the donor and recipient, and calculation of gift tax owed.

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