Count each person only once 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. If the donor died during the year check here No 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. Cat. No. 16783M Form 709 2018 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 B. 2 Donor s last name 3 Donor s social security number 4 Address number street and apartment number 5 Legal residence domicile 6 City or town state or province country and ZIP or foreign postal code 7 Citizenship see instructions Yes If you extended the time to file this Form 709 check here Enter the total number of donees listed on Schedule A. United...States Gift and Generation-Skipping Transfer Tax Return Department of the Treasury Internal Revenue Service For gifts made during calendar year 2018 Form Go to www*irs*gov/Form709 for instructions and the latest information* Part 1 General Information 1 Donor s first name and middle initial See instructions. 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 line 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. Part 2 Tax Computation and enter date of death 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 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 Balance. Subtract line 5 from line 4. Applicable credit amount. If donor has DSUE amount from predeceased spouse s or Restored Exclusion Amount enter amount from Schedule C line 5 otherwise see instructions Enter the applicable credit against tax allowable for all prior periods from Sch* B line 1 col* C Enter 20 0. 20 of the amount allowed as a specific exemption for gifts made after September 8 1976 and before...January 1 1977.
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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, it is essential to access a completed version of the form. Using a PDF editor like pdfFiller allows you to make necessary changes. You can upload your saved form, make edits, and ensure all information is accurate before submission.
How to fill out IRS 709
Filling out IRS 709 requires careful attention to detail. Begin by gathering necessary personal information, including your name, address, and the information of the recipient. Follow the instructions on the form closely to input data in the specified fields. Ensure that you accurately report any gifts made that exceed the annual exclusion amount.
About IRS previous version
What is IRS 709?
IRS 709 is the Tax Form designated for reporting gifts subject to federal gift tax. This form is used by individuals who have made gifts in a given tax year that surpass the annual exclusion limit set by the IRS. It provides the government with information about the value of gifts given and ensures compliance with federal tax regulations.
Who needs the form?
Individuals who make gifts valued over the annual exclusion amount must file IRS 709. This includes anyone who has given monetary gifts or property to others that exceed the allowable limit for that tax year. Additionally, those involved in family trusts or estate transfer situations may also need to submit this form.
Components of the form
IRS 709 consists of several sections that capture essential information. This includes donor and recipient data, a detailed list of gifts made, their fair market values, and any deductions claimed. Carefully completing each section is critical to ensure accuracy and compliance with tax regulations.
What payments and purchases are reported?
IRS 709 requires reporting of all gifts that exceed the annual exclusion limit. This includes cash gifts, physical property, stock, and other assets. Transfers made through trusts, as well as the fair market value of gifts given, must also be reported. It is important to accurately calculate and disclose this information to avoid penalties.
What information do you need when you file the form?
When filing IRS 709, you will need personal identification information, details regarding the gifts made, and the value of each gift. Having the recipient's information readily available is also essential. Ensure all calculations regarding the gift value are accurate to facilitate proper reporting.
Where do I send the form?
IRS 709 should be sent to the address specified in the form instructions, which may vary based on your state of residence. It's essential to verify the correct filing address to avoid delays in processing. Consider sending your form via certified mail for tracking.
What is the purpose of this form?
The primary purpose of IRS 709 is to report gifts that may be subject to the federal gift tax. This ensures that individuals comply with tax laws regarding the transfer of wealth without consideration. It collects essential data which helps in calculating any potential tax liability on gifts exceeding the exclusion thresholds.
When am I exempt from filling out this form?
You may be exempt from filing IRS 709 if your total gifts for the tax year do not exceed the annual exclusion threshold, which is set at a specific dollar amount. Gifts made directly for education or medical expenses are also generally exempt, as are gifts between spouses. Always verify current IRS guidelines as these thresholds can change annually.
Due date
The due date for IRS 709 is typically April 15 of the year following the tax year in which the gifts were made. If this date falls on a weekend or holiday, the due date may be extended to the next business day. Filing late may result in penalties and interest on any taxes owed.
How many copies of the form should I complete?
You should complete one copy of IRS 709 for each year in which you have made reportable gifts. Additionally, provide a copy for your records. In certain circumstances, you may need to provide copies if gifts are made to multiple recipients or if joint gifts are involved.
What are the penalties for not issuing the form?
Failing to submit IRS 709 when required can lead to significant penalties. The IRS may impose fines based on the amount of tax owed and the length of the delay in filing. Taxpayers should be aware of these risks and ensure timely and accurate submissions to avoid complications.
Is the form accompanied by other forms?
IRS 709 is commonly accompanied by additional documentation depending on the complexity of the gifts reported. For example, Form 706 may be required if the gifts fall under estate tax considerations. Always check the IRS requirements to ensure compliance with all necessary additional forms.
FAQ about IRS 709
What should I do if I need to correct an error on my submitted IRS 709?
If you discover an error after submitting IRS 709, you can file an amended return using the same form. Ensure you clearly indicate the corrections made and label the return as 'Amended' to distinguish it from the original submission. It’s essential to retain copies of all submitted forms and any correspondence for your records.
How can I verify the status of my IRS 709 submission?
To check the status of your IRS 709, you can visit the IRS website and use their online tracking tools, or contact the IRS directly by phone. Keep handy your Social Security number and other identifying information to facilitate your inquiry. It’s crucial to follow up promptly to resolve any potential issues with your filing.
What common errors should I be aware of when filing IRS 709?
Common errors when filing IRS 709 include incorrect taxpayer identification numbers, missing signatories, and improperly reported gifts. To avoid these pitfalls, double-check all information for accuracy and ensure that all necessary fields are filled out completely. A thorough review before submission can help prevent delays or rejections.
Are e-signatures acceptable for filing IRS 709?
E-signatures are not universally accepted for IRS 709 at this time. Be sure to check the latest IRS guidelines and ensure compliance with their electronic submission rules. If e-signatures are not permitted, printed signatures are required to validate the submission of the form.
What should I do if my IRS 709 submission is rejected?
If your IRS 709 is rejected, the IRS will notify you with an explanation of the rejection reason. Take prompt action by addressing the specific issue mentioned and resubmitting the corrected form. If applicable, inquire about any potential service fees associated with the resubmission process.
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