Get the free Instructions for Form 709 (2017) Internal Revenue Service

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How to fill out instructions for form 709

How to fill out instructions for form 709

1. Gather all necessary information and documents, including personal information, details about the gifts made, and relevant tax forms.
2. Start by filling out the top section of Form 709, which includes the name, address, and identification number of the filer.
3. Provide information about the gifts made, including the date, description/type, and fair market value.
4. Calculate the total amount of taxable gifts made during the year and determine any applicable deductions or exclusions.
5. Fill out Schedule A to report any gift-splitting with your spouse, if applicable.
6. Complete the computations section on Form 709, which includes determining the tentative tax on the gifts.
7. Consider any applicable tax credits and subtract them from the tentative tax.
8. Determine the amount of gift tax due by subtracting the applicable unified credit.
9. Finally, sign and date the form, and attach any necessary supporting documentation before mailing it to the appropriate address.

Who needs instructions for form 709?

1. Anyone who makes gifts that exceed the annual exclusion amount as specified by the Internal Revenue Service (IRS) may need instructions for Form 709.
2. Individuals who need to report taxable gifts made during the year, gift splitting with a spouse, or claim deductions and credits related to gift taxes must also use Form 709 and may require instructions.

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What is instructions for form 709?

Form 709 is used to report transfers subject to federal gift tax and/or generation-skipping transfer (GST) tax.

Who is required to file instructions for form 709?

Any individual who made a taxable gift or is a donor of a generation-skipping transfer must file Form 709.

How to fill out instructions for form 709?

Instructions for Form 709 provide details on what information needs to be reported, how to calculate the taxable amount, and where to mail the completed form.

What is the purpose of instructions for form 709?

The purpose of Form 709 instructions is to ensure that individuals accurately report any gifts or generation-skipping transfers made during the tax year.

What information must be reported on instructions for form 709?

Information such as the donor's details, the recipient of the gift, the value of the gift, and any applicable deductions or exclusions must be reported on Form 709.