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CHECKLIST 2015 U.S. GIFT TAX RETURN (FORM 709) Client name Client number Prepared by Date Reviewed by 100) GENERAL INFORMATION DONE Date N/A COMMENTS OR EXPLANATION 101) consider if any conflict(s)

How to fill out 2015 us gift tax

How to fill out 2015 US gift tax:

1. Gather all necessary information and documentation: Before filling out the 2015 US gift tax form, gather the required information such as the donor's details, recipient's details, the value of the gift, and any relevant supporting documents.
2. Determine if you are required to file: Gift tax is generally paid by the donor, so if you are the donor and you made any gifts exceeding the annual gift tax exclusion ($14,000 per recipient in 2015), you will need to file a gift tax return. However, it's recommended to consult a tax professional to determine your specific filing requirements.
3. Obtain the correct form: To fill out the 2015 US gift tax, you will need to use Form 709 - United States Gift (and Generation-Skipping Transfer) Tax Return. You can obtain this form from the Internal Revenue Service (IRS) website or by visiting a local IRS office.
4. Provide required information: On Form 709, you will need to provide information about the donor, recipient(s), and specifics of the gift. This may include the fair market value of the gift, the date it was given, and any previous gifts made.
5. Calculate the amount of gift tax: Use the instructions provided with Form 709 to calculate the gift tax. The tax is based on the total value of taxable gifts made during the year, minus any applicable exclusions and deductions.
6. File the gift tax return: Once you have completed the form and calculated the gift tax, file it with the IRS. The deadline to file the 2015 gift tax return is typically April 15 of the following year, unless an extension has been granted.

Who needs 2015 US gift tax:

1. Individuals who made gifts exceeding the annual gift tax exclusion in 2015: The annual gift tax exclusion for 2015 was $14,000 per recipient. If you made any gifts with a value exceeding this amount to any individual, you may need to file a gift tax return.
2. Donors who wish to take advantage of the lifetime gift tax exemption: The gift tax is part of the unified federal gift and estate tax system. By filing a gift tax return, donors can apply any excess gift tax paid towards their lifetime gift and estate tax exemption. This can help in minimizing potential estate taxes in the future.
3. Estate planners and tax professionals: Estate planners and tax professionals who assist individuals with their financial and estate planning may need to be familiar with the 2015 US gift tax rules. This knowledge is crucial for providing accurate advice and ensuring compliance with tax laws.

Please note that this information is provided for general informational purposes only and is not meant to be used as legal or tax advice. It is always recommended to consult a qualified tax professional for personalized guidance related to your specific situation.

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What is us gift tax return?

The US gift tax return is a form filed with the IRS to report gifts given to someone that exceed the annual gift tax exclusion.

Who is required to file us gift tax return?

Any individual who gives gifts exceeding the annual gift tax exclusion amount is required to file a US gift tax return.

How to fill out us gift tax return?

The US gift tax return form, Form 709, must be completed with details of the gifts given, the fair market value of the gifts, and any deductions or exclusions claimed.

What is the purpose of us gift tax return?

The purpose of the US gift tax return is to report gifts given that exceed the annual gift tax exclusion and ensure that the appropriate taxes are paid on the excess gifts.

What information must be reported on us gift tax return?

The US gift tax return must include details of the gifts given, the fair market value of the gifts, any deductions or exclusions claimed, and information about the donor and recipient.