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This document contains instructions on how to complete Form 709, which is used to report transfers subject to federal gift tax and certain generation-skipping transfer taxes for gifts made during
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How to fill out form 709
How to fill out Form 709
01
Obtain Form 709 from the IRS website or your local IRS office.
02
Complete your personal information at the top of the form, including your name, address, and Social Security number.
03
Indicate the tax year for which you are filing the gift tax return.
04
List the gifts you made during the year, including the recipient's name, description of the gift, and the fair market value at the time of the gift.
05
Calculate any allowable deductions for gifts made to a spouse or for educational and medical expenses.
06
Calculate any applicable gift tax using the tax tables provided by the IRS.
07
Sign and date the form, ensuring all information is accurate.
08
Submit Form 709 by the tax deadline, typically April 15th of the following year.
Who needs Form 709?
01
Anyone who makes gifts over the annual exclusion limit of $17,000 (as of 2023) to an individual in a calendar year.
02
Individuals who wish to gift assets to their spouse or other beneficiaries and need to report these transactions.
03
Donors who are required to report gifts made during the year for estate and gift tax purposes.
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How much does it cost to prepare a Form 709?
The Cost of Tax Preparation Tax FormCost per FormAverage Hourly Fees Form 709 (Gift Tax) $421 $178.29 Form 1041 (Fiduciary) $576 $172.66 Form 1065 (Partnership) $733 $177.29 Form 990 (Exempt Organization) $735 $171.4810 more rows
Can you submit Form 709 online?
You cannot e-file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The Instructions for Form 709 direct you to mail it to the applicable address listed below.
Does a gift from your parents have to be reported to the IRS as income?
You most likely won't owe any gift taxes on a gift your parents make to you. Depending on the amount, your parents may need to file a gift tax return. If they give you or any other individual more than $38,000 in 2025 ($19,000 per parent), they will need to file some paperwork.
What is the IRS rule for gifting money to family members?
The total value of gifts the individual gave to at least one person (other than his or her spouse) is more than the annual exclusion amount for the year. The annual exclusion amount for 2025 is $19,000 and for 2024 is $18,000.
How much money can be gifted to a family member without being taxed?
Any gifts exceeding $18,000 in a year must be reported and contribute to your lifetime exclusion amount. You can gift up to $13.61 million over your lifetime without paying a gift tax on it (as of 2024). The IRS adjusts the annual exclusion and lifetime exclusion amounts every so often.
Who is required to file Form 709?
If you make a taxable gift (one in excess of the annual exclusion), you are required to file Form 709: US Gift (and Generation-Skipping Transfer) Tax Return. The return is required even if you don't actually owe any gift tax due to the $13.61 million lifetime exemption.
How does the IRS know if you give a gift?
0:12 2:51 Amount you need to report it to the IRS. Under certain conditions for the tax year 2025. You canMoreAmount you need to report it to the IRS. Under certain conditions for the tax year 2025. You can give up to $19,000 to any one person without having to report. It.
Who pays the gift tax, the giver or the receiver?
Gift tax is paid by the giver of money or assets, not the receiver. The good news is that this threshold is so high that few people end up having to pay the gift tax. These thresholds are referred to as exclusions. There are two separate gift tax exclusions: An annual exclusion and a lifetime exclusion.
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What is Form 709?
Form 709 is the United States Gift (and Generation-Skipping Transfer) Tax Return, which is used to report gifts made during the tax year that might be subject to gift tax.
Who is required to file Form 709?
Individuals who gift more than the annual exclusion amount ($17,000 per recipient for 2023) in a given year are required to file Form 709, even if no tax is owed.
How to fill out Form 709?
To fill out Form 709, gather information on all gifts made, including the recipients, values, and any applicable exclusions. Complete the form by following the instructions for reporting each gift and calculating total taxable gifts.
What is the purpose of Form 709?
The purpose of Form 709 is to report gifts that exceed the annual exclusion amount to ensure compliance with federal gift tax laws and to track the donor's lifetime gift exclusion.
What information must be reported on Form 709?
Form 709 requires reporting the donor's information, details about each gift (including the date, recipient, value, and any deductions), and any adjustments related to the lifetime gift tax exclusion.
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