IRS 709 Instructions 2018 free printable template

General Instructions Purpose of Form Use Form 709 to report the following. Transfers subject to the federal gift and certain generation-skipping transfer GST taxes and to figure the tax due if any on those transfers. Transfer on Form 706 United States Estate and Generation-Skipping Transfer Tax Return. A transfer is subject to the gift tax if it is required to be reported on Schedule A of Form 709 under the rules contained in the gift tax portions of these instructions including the split...

How to fill out IRS 709 Instructions

How to fill out IRS 709 Instructions

1. Obtain the IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, from the IRS website or a tax professional.
2. Complete Part 1 by checking the appropriate box for the type of return (Form 709 for individuals or for the first time).
3. Fill in the donor's information, including name, address, and Social Security number.
4. Complete Part 2 with details about the gifts made, including dates, values, and recipients.
5. If applicable, fill out the Special Valuation section to claim any discounts or reductions in gift value.
6. Provide information about any previous gifts made in previous years if they are relevant.
7. Review the total gifts and calculate any exemptions or deductions applicable.
8. Sign and date the form to confirm that the information is accurate.
9. Submit Form 709 to the IRS by the due date, typically by April 15th of the year following the gift.

Who needs IRS 709 Instructions?

1. Individuals who make gifts exceeding the annual exclusion limit ($15,000 for 2021 and 2022) to any recipient in a calendar year.
2. Donors who make gifts that qualify for the generation-skipping transfer taxes.
3. Individuals looking to report gifts to their spouse under specific tax-free arrangements.

People Also Ask about

Where do I file my 2017 gift tax return?

Addresses for Forms Beginning with the Number 7 Form Name (For a copy of a Form, Instruction, or Publication)Address to Mail Form to IRS:Original Return - Form 709 United States Gift (and Generation-Skipping Transfer) Tax ReturnDepartment of the Treasury Internal Revenue Service Center Kansas City, MO 6499917 more rows • Nov 29, 2022

Where do I file Form 709 2017?

Addresses for Forms Beginning with the Number 7 Form Name (For a copy of a Form, Instruction, or Publication)Address to Mail Form to IRS:Original Return - Form 709 United States Gift (and Generation-Skipping Transfer) Tax ReturnDepartment of the Treasury Internal Revenue Service Center Kansas City, MO 6499917 more rows • Nov 29, 2022

What is the gift tax exclusion for 2017?

The annual federal gift tax exclusion for 2017 has not changed from 2016 and remains $14,000. If a person makes gifts of $14,000 to 4 different people, none of the gifts are considered taxable by the federal government.

Can I file IRS Form 709 electronically?

Can I e-file Form 709? You cannot e-file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The Instructions for Form 709 directs you to mail it to the applicable address listed below.

What is the requirement to file Form 709?

IRS Form 709 – Filing Requirements Generally, Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return is required if any of the following apply: An individual makes one or more gifts to any one person (other than his or her citizen spouse) that are more than the annual exclusion for the year.

For pdfFiller’s FAQs

How can I edit IRS 709 Instructions from Google Drive?

By combining pdfFiller with Google Docs, you can generate fillable forms directly in Google Drive. No need to leave Google Drive to make edits or sign documents, including IRS 709 Instructions. Use pdfFiller's features in Google Drive to handle documents on any internet-connected device.

How do I execute IRS 709 Instructions online?

pdfFiller makes it easy to finish and sign IRS 709 Instructions online. It lets you make changes to original PDF content, highlight, black out, erase, and write text anywhere on a page, legally eSign your form, and more, all from one place. Create a free account and use the web to keep track of professional documents.

How do I edit IRS 709 Instructions on an iOS device?

Create, edit, and share IRS 709 Instructions from your iOS smartphone with the pdfFiller mobile app. Installing it from the Apple Store takes only a few seconds. You may take advantage of a free trial and select a subscription that meets your needs.

What is IRS 709 Instructions?

IRS 709 Instructions provide guidance on how to complete and file Form 709, which is the United States Gift (and Generation-Skipping Transfer) Tax Return, used to report gifts and certain transfers that may be subject to federal gift tax.

Who is required to file IRS 709 Instructions?

Individuals who make gifts exceeding the annual exclusion amount, which is adjusted for inflation, are required to file IRS Form 709. This also includes those who make gifts to non-citizen spouses or gifts that utilize the lifetime gift tax exemption.

How to fill out IRS 709 Instructions?

To fill out IRS 709 Instructions, you must gather documentation of all gifts made during the tax year, complete the form by providing required information about the donor, the recipients, and the value of the gifts, and then follow the specific instructions regarding deductions and calculations, before submitting it to the IRS.

What is the purpose of IRS 709 Instructions?

The purpose of IRS 709 Instructions is to inform taxpayers about the requirements for reporting gifts and to ensure compliance with federal gift tax laws, clarifying what information needs to be reported and how to properly complete the form.

What information must be reported on IRS 709 Instructions?

The information that must be reported on IRS 709 includes the name and address of the donor and recipient, the date and value of each gift, the details of any deductions claimed, and information regarding any prior gift tax returns filed.