Get the free form 709 for 2006

For Disclosure Privacy Act and Paperwork Reduction Act Notice see page 12 of the separate instructions for this form. Cat. No. 16783M Form 709 2006 Page 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 Check here if you elect under section 529 c 2 B to treat any transfers made this year to a qualified tuition program as made ratably over a 5-year...

How to fill out form 709 for 2006

How to fill out form 709 for 2006?

1. Gather all necessary information, including the names and social security numbers of the donor and the recipients, the fair market value of the gifts, and details about any previous gifts given to the same recipients.
2. Determine the filing status for the donor, which can be either a single individual or a married couple filing jointly.
3. Complete the sections regarding the donor's identification information, such as name, address, and social security number.
4. Provide details about the recipients of the gifts, including their relationship to the donor and their social security numbers.
5. Calculate the total value of the gifts made during the tax year and report it accurately on the form.
6. Determine if any deductions are applicable, such as the annual exclusion or any deductions related to certain types of gifts.
7. Fill out the schedules as instructed, including any additional information or supporting documentation required.
8. Review the completed form for accuracy, ensuring all information is entered correctly and all necessary signatures are provided.
9. File the form with the appropriate tax authority by the specified deadline, keeping a copy for your records.

Who needs form 709 for 2006?

1. Individuals who made gifts exceeding the annual exclusion amount to one or more recipients during the tax year 2006.
2. Married couples who made split gifts, where each spouse contributed towards a single gift that exceeds the annual exclusion amount.
3. Executors of estates that elected to use the deceased individual's unused exclusion amount for gifts made in 2006.
4. Regardless of the above situations, it is advisable for anyone who made substantial gifts in 2006 to consult with a tax professional to determine if filing form 709 is required.

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What is form 709 for?

Form 709 is used to report gifts subject to federal gift and generation-skipping transfer taxes.

Who is required to file form 709 for?

Any U.S. citizen or resident who gives gifts above the annual exclusion amount or makes certain transfers to a skip person is required to file form 709.

How to fill out form 709 for?

To fill out form 709, you need to provide information about the donor, the recipient(s) of the gift, the amount and nature of the gift, and any previous taxable gifts made by the donor.

What is the purpose of form 709 for?

The purpose of form 709 is to calculate and report the gift and generation-skipping transfer tax liability.

What information must be reported on form 709 for?

Form 709 requires reporting information such as the value of the gifts, the dates of the gifts, the names of the donors and recipients, and details of any previous taxable gifts.