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Get the free Instructions for Form 709 - Internal Revenue Service

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FORM 770IPVirginia Fiduciary and Unified Nonresident Automatic Extension Payment Voucher For use when filing Form 770 or Form 765Effective for taxable years beginning on or after January 1, 2018,
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How to fill out instructions for form 709

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How to fill out instructions for form 709

01
Step 1: Gather all necessary information and documents needed to fill out form 709, such as the donor's name, recipient's name, fair market value of the gift, etc.
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Step 2: Start by entering the donor's information on the top of the form, including their name, address, and social security number.
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Step 3: Move on to the recipient's information, including their name, address, and social security number.
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Step 4: Fill out the gift details section, providing information on each gift made during the year. This includes the fair market value of the gift, any gift tax paid, and any deductions or exclusions applied.
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Step 5: Calculate the total taxable gifts made during the year and enter that amount in the designated section.
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Step 6: Complete any additional sections required, such as the computation of the gift tax or any applicable credits.
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Step 7: Review the completed form for accuracy and ensure all required information has been provided.
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Step 8: Sign and date the form. If it is a joint gift, both donors must sign.
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Step 9: Make a copy of the form for your records and submit the original to the Internal Revenue Service (IRS).

Who needs instructions for form 709?

01
Individuals who have made gifts subject to gift tax during the tax year need instructions for form 709.
02
Taxpayers who have made gifts that exceed the annual exclusion amount or have utilized the lifetime exemption may need guidance on how to accurately report these gifts on form 709.
03
Attorneys, accountants, or tax professionals who assist clients in filing gift tax returns may also require instructions for form 709 to ensure compliance with IRS regulations.
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Form 709 is the United States Gift (and Generation-Skipping Transfer) Tax Return, used to report gifts subject to federal gift tax.
Any individual who makes gifts that exceed the annual exclusion or lifetime exemption amount must file Form 709.
Form 709 should be completed with details of the gifts made during the tax year, including the value of the gifts and any applicable exemptions.
The purpose of Form 709 is to report gifts made during the tax year that may be subject to federal gift tax.
Form 709 requires information on the donor, recipient, value of gifts, any deductions or exemptions claimed, and calculation of gift tax owed.
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