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Form 709 Gift Tax Instructions 2013 For decedents dying after December 31, 2013. United States Estate (and Generation Skipping Transfer) Tax Return Form 709, United States Gift (and. You\'ll need

How to fill out form 709 gift tax

How to fill out form 709 gift tax

1. Begin by obtaining the Form 709 gift tax return from the Internal Revenue Service (IRS) website or by visiting a local IRS office.
2. Gather all the necessary information and documentation required for filling out the form, such as the donor's personal information, recipient's personal information, and details of the gift.
3. Fill out the basic information section of the Form 709, including the donor's name, address, and social security number, as well as the recipient's name and relationship to the donor.
4. Proceed to the Schedule A section of the form, where you will report the details of the gifts made during the tax year. Include a description of the gifted property, its fair market value, and the date of the gift.
5. If you made more than one gift, provide the required information for each gift on a separate line of Schedule A.
6. Calculate the total value of the gifts made during the tax year and enter it in the appropriate field on the form.
7. Determine if any gift tax is due by referring to the applicable gift tax exclusion and tax rates for the tax year in question.
8. If the total value of the gifts exceeds the annual exclusion amount, you may be required to pay gift tax. Complete the applicable sections of the form to calculate the gift tax owed.
9. Once all the necessary information has been provided and calculations have been made, sign and date the Form 709.
10. Keep a copy of the completed form for your records and submit the original to the IRS according to their instructions.

Who needs form 709 gift tax?

1. Form 709 gift tax is needed by individuals who have made gifts exceeding the annual exclusion amount set by the IRS.
2. This form allows the IRS to track and assess any potential gift tax liability associated with large gifts made during the tax year.
3. It is required to be filed by the donor, who is responsible for reporting the gifts and paying any applicable gift tax.
4. Recipients of the gifts do not typically need to file Form 709; however, they may be required to report certain gifts on their own tax returns.
5. Consult with a tax professional or refer to the IRS guidelines to determine if you meet the criteria for filing Form 709.

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What is form 709 gift tax?

Form 709 gift tax is a tax form used to report gifts given to individuals that exceed the annual gift tax exclusion.

Who is required to file form 709 gift tax?

Any individual who gifts more than the annual gift tax exclusion amount must file form 709 gift tax.

How to fill out form 709 gift tax?

Form 709 gift tax is filled out by providing information about the gifts given, including the value of the gifts and any exemptions claimed.

What is the purpose of form 709 gift tax?

The purpose of form 709 gift tax is to report gifts that exceed the annual gift tax exclusion and determine any potential gift tax liability.

What information must be reported on form 709 gift tax?

Information such as the donor's details, recipient's details, gift amounts, exemptions claimed, and any prior gifts must be reported on form 709 gift tax.