United States Gift and Generation-Skipping Transfer Tax Return Department of the Treasury Internal Revenue Service For gifts made during calendar year 2016 Form Information OMB No. 1545-0020 about Form 709 and its separate instructions is at www.irs.gov/form709. Cat. No. 16783M Form 709 2016 Page 2 SCHEDULE A A Computation of Taxable Gifts Including transfers in trust see instructions Does the value of any item listed on Schedule A reflect any valuation discount If Yes attach explanation. 1...Donor s first name and middle initial See instructions. 2 Donor s last name 3 Donor s social security number 5 Legal residence domicile 6 City or town state or province country and ZIP or foreign postal code Part 1 General Information 4 Address number street and apartment number 7 Citizenship see instructions and enter date of death 11a b Have you the donor previously filed a Form 709 or 709-A for any other year If No skip line 11b 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. Name of consenting spouse Were you married to one another during the entire calendar year see...instructions. If 15 is No check whether married divorced or widowed/deceased and give date see instructions Will a gift tax return for this year be filed by your spouse If Yes mail both returns in the same envelope. No If you extended the time to file this Form 709 check here Enter the total number of donees listed on Schedule A. Count each person only once If the donor died during the year check here. 14 SSN Date Have you applied a DSUE amount received from a predeceased spouse to a gift...or gifts reported on this or a previous Form 709 If Yes complete Schedule C. Enter the amount from Schedule A Part 4 line 11. Total taxable gifts. Add lines 1 and 2. Tax computed on amount on line 3 see Table for Computing Gift Tax in instructions Part 2 Tax Computation 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. We are both aware of the joint and...several liability for tax created by the execution of this consent. Consenting spouse s signature Balance. Subtract line 5 from line 4. Applicable credit amount. If donor has DSUE amount from predeceased spouse s enter amount from Schedule C line 4 otherwise see instructions. Enter the applicable 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.
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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 709, you can use tools available on platforms like pdfFiller. This platform allows you to upload the form, make necessary changes, and save the updated document. Simply select the sections you wish to modify, and ensure that all changes comply with IRS guidelines before re-submission.
How to fill out IRS 709
Filling out IRS 709 involves several steps to accurately report gifts and applicable gift taxes. Follow these steps for proper completion:
01
Gather the necessary information, such as the donor and recipient details.
02
Identify any gifts made during the tax year that may require reporting.
03
Calculate the total value of the gifts and any applicable exclusions.
04
Complete each section of the form carefully, ensuring all information is accurate.
Consider reviewing IRS instructions for the form for more detailed guidance, and be sure to consult a tax professional if you have questions regarding your specific situation.
About IRS previous version
What is IRS 709?
IRS 709 refers to the Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. This tax form is used by individuals to report gifts made during the tax year and calculate any gift tax due. The form helps the IRS track the lifetime gifts of individuals, ensuring compliance with federal tax law.
Who needs the form?
Individuals who made gifts exceeding the annual exclusion limit, which is $15,000 per recipient in recent years, need to file IRS 709. Additionally, those who engage in generation-skipping transfers or have made large gifts as part of their estate planning should consider filing this form.
Components of the form
The components of IRS 709 include detailed sections for donor and recipient information, gift descriptions, and the calculation of any taxes owed. Each part must be filled out accurately to ensure compliance with IRS requirements and to avoid penalties.
What information do you need when you file the form?
When filing IRS 709, gather the following information:
01
The full names and addresses of all individuals who received gifts.
02
The value of each gift made during the year.
03
The IRS annual exclusion amount for that tax year.
Ensure all data is accurate to avoid issues with IRS compliance and processing of your return.
Where do I send the form?
Send IRS 709 to the address specified in the instructions included with the form. Generally, it is sent to the applicable IRS service center, depending on your location and whether you are enclosing a payment. Always check for the latest mailing details on the IRS website to ensure your form reaches the correct destination.
What is the purpose of this form?
The purpose of IRS 709 is to report gifts that exceed the annual exclusion amount set by the IRS. It also accounts for any generation-skipping transfers. By submitting this form, taxpayers help the IRS determine if additional taxes are owed on previous gifts that exceed the allowed exclusions.
When am I exempt from filling out this form?
You are exempt from filing IRS 709 if your total gifts do not exceed the annual exclusion limit. Gifts made to spouses or charitable organizations typically do not require reporting either. There may be other exceptions based on the nature of the gift and the recipient, so review IRS guidance to confirm exemption status.
What are the penalties for not issuing the form?
Failing to file IRS 709 when required can result in penalties. The IRS may impose fines based on the amount of tax due that was unreported. Additionally, late filings can attract interest charges on unpaid taxes, potentially increasing the overall amount owed.
Is the form accompanied by other forms?
IRS 709 may need to be accompanied by additional documents, especially if multiple gifts are reported or if gift tax implications are complex. It is recommended to review IRS instructions that accompany the form for specific requirements.
FAQ about IRS 709
What should I do if I realize I've made an error on my filed IRS 709?
If you discover a mistake after submitting your IRS 709, it's important to file an amended return as soon as possible. Begin by obtaining a new form and clearly marking it as an amendment. This correction can help avoid issues with the IRS down the line, such as delays or audits.
How can I check the status of my IRS 709 submission?
You can verify the status of your IRS 709 submission online through the IRS's e-file system or by contacting the IRS directly. Be sure to have your submission details ready, as tracking will require specific information about your filing.
Are electronic signatures accepted when e-filing IRS 709?
Yes, the IRS accepts electronic signatures for e-filed tax forms, including the IRS 709. However, it's important to ensure your e-signature meets all IRS requirements for acceptance to avoid any processing delays.
What are common mistakes that filers make with IRS 709 and how can they be avoided?
Common mistakes with IRS 709 include miscalculating gift values and overlooking the inclusion of all relevant assets. To avoid these errors, take time to carefully review all gift valuations and consult with a tax professional if you're uncertain about any components.
What should I do if I receive a notice or audit from the IRS regarding my IRS 709?
If you receive a notice or an audit request for your IRS 709, first read the correspondence carefully to understand the IRS's concerns. Gather all relevant documentation to respond appropriately and consider consulting a tax professional for guidance on preparing your response.
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Use this catalog to find any type of IRS forms. We've gathered all of them under this section uncategorized to help you to find a proper form faster. Once you spot it on this list, have a look at the versions and schedules you might need as attachments. All returns are available for 2016 and for previous fiscal years.
