IRS 709 2013 free printable template

Cat. No. 16783M Form 709 2013 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. United States Gift and Generation-Skipping Transfer Tax Return Department of the Treasury Internal Revenue Service For gifts made during calendar year 2013 Form Information OMB No. 1545-0020 about Form 709 and its separate instructions is at www.irs.gov/form709. 1...

How to fill out 709 2013 form

How to fill out 709 2013 form?

1. Ensure that you have the latest version of the 709 2013 form, which is available on the official website of the Internal Revenue Service (IRS).
2. Review the instructions provided with the form carefully to understand the requirements and guidelines for filling it out.
3. Begin by entering your personal information, such as your name, social security number, and address, in the designated fields.
4. Provide details about the transfers or gifts you have made during the tax year that are subject to gift tax. Include the date of each gift, the recipient's name, and the fair market value of the gift.
5. Calculate the total value of all the taxable gifts made during the tax year and enter it in the appropriate section of the form.
6. Determine if any of the gifts qualify for any exclusions or deductions. If so, make sure to properly record and report them in the respective sections of the form.
7. Complete the schedule of transfers if necessary, which requires additional information about specific types of gifts, such as gifts to foreign trusts or certain exempt organizations.
8. Provide any additional information or explanations requested on the form, such as reporting gift splitting or electing to treat certain gifts as made by the spouse.
9. Double-check all the information provided on the form to ensure accuracy. Mistakes or incomplete information may delay the processing of your form or result in penalties.
10. Sign and date the form before submitting it to the IRS. Retain a copy for your records.

Who needs 709 2013 form?

1. Individuals who have made taxable gifts during the tax year exceeding the annual exclusion limit set by the IRS.
2. Individuals who have made transfers to foreign trusts.
3. Couples who have elected to split gifts.
4. Individuals who have made gifts to certain exempt organizations.
5. Those who want to report any prior years' gifts for which they opted to defer paying gift tax.
6. Executors of estates of donors who elected to pay the gift tax on gifts made during their lifetimes.

• What is the IRS Form 709?
• Who should file Form 709 2013?
• • What information should be provided in IRS Form 709?
  • How do I fill out Form 709 in 2014?
  • Is Form 709 accompanied by other forms?
  • When is Form 709 due?
  • Where do I send the document after its completion?

What is the IRS Form 709?

IRS Form 709 calculates gift taxes and reports this amount to the Internal Revenue Service since some gifts, donations, or transfers are subject to taxation. The record also calculates taxes on generation-skipping transfers (GSTs). The taxpayer who gave the gift must pay the tax on it. The gift receiver may also be required to pay taxations on it.

Who should file Form 709 2013?

Submit IRS Form 709 in the following situations:

• If the individual gave a gift valued greater than $15,000 to someone (other than their spouse) during the tax year
• If the individual gave gifts as future interests in any dollar amount (even if they do not exceed $15,000).
• If the individual is a part of a trust, estate, partnership, or corporation that gave gifts.

Keep in mind the person responsible for paying taxes is a donor. Nevertheless, if a donor does not pay the tax, the donee may have to pay it.

Please note that gifts made to political organizations, educational institutions, and medical institutions are not subject to gift taxes.

What information should be provided in IRS Form 709?

The filer must add the information about the donor and fill out all the attached schedules. Follow the instructions in the document to compute the amount of taxes due.

How do I fill out Form 709 in 2014?

The template is pretty long. In addition to the one-page record, filers should fill out the attached Schedules (A-D). Follow the guidelines below to accelerate the filling process with pdfFiller:

1. Open the template in the online filler – click Get Form.
2. Provide the required general information in Part 1.
3. Indicate taxable gifts, taxes, and credits in Part 2.
4. Review the page to determine what Schedules to attach.
5. Fill out the required Schedules.
6. Double-check the document.
7. Click Done at the bottom of the template or in the top-right corner.
8. Insert the data of the file preparation.
9. Get the record in your preferred way: save it to your device, print it out, transfer it to the cloud, or send it by email.

Is Form 709 accompanied by other forms?

Typically this document is sent with a taxpayer’s annual individual tax return. The donor should also attach other supporting documents if required.

When is Form 709 due?

File the record between the 1st of January and the 15th of April of the year after the gift was made.

Where do I send the document after its completion?

Forward the completed and signed record to the Department of the Treasury Internal Revenue Service Center Cincinnati, OH 45999.

Instructions and Help about 709 2013 form

In disaster on highway seven or nine webinars a couple of things that we're going to go through today we're going to go through some common mistakes that we've seen on gift tax returns it's extremely important this year because of the number of gift tax returns that are going to be filed that we prepare these correctly to help make sure we use the right amount of the lifetime gift exemption available to the clients and that we also provide full and adequate disclosure what we've also done is at pages 53 through 58 of the PowerPoint we provided a checklist this is pretty much all the information you're going to need to ask for from a client to prepare the gift tax return for them and then at pages 59 and 60 of the PowerPoint I have a fact pattern which we generated to be able to produce two sample 709 s the sample 709 s were also sent to you, they're separate PDFs, and we'll go through those as well as we're going through the program so that being said we'll go ahead and get started ok so during 2011 the lifetime gift tax exemption was increased from 1 million dollars to five million dollars that amount was increased to 5 million 120 thousand dollars for 2012, and originally it was scheduled if Congress took no additional action that on January 1st 2013 the last time gift exemption would be reduced back to 1 million dollars now I'm sure everyone's aware Congress did Act they've extended the gifting allowance made a permanent, and it's indexed for inflation, so it's actually increased to five million two hundred fifty thousand dollars but because there was such uncertainty and what happened is most of our clients and if they didn't make gifts in 2011 made gifts in 2012 utilizing this extra four million dollars worth of exemption that they had so because of that we need to be certain that the gift tax returns that were filed are prepared correctly, and you're going to be filing a lot of gift tax returns this year, so now we're going to touch on what we think are the ten most common mistakes that we see the most important thing the gift tax return can do is to provide adequate disclosure to the Internal Revenue Service if you don't provide adequate disclosure and the number one thing that you're preventing is the statute of limitations from running and typically the IRS see later has three years from the filing of a gift tax return to audit the gift but if they don't have adequate disclosure then that statute of limitations doesn't run second thing that we see is that the clients annual exclusion is not used appropriately to reduce the value of the taxable gift now when that happens you're wasting the clients exemption and making it so that instead of possibly having $100,000 gifts being reported save seventy-six thousand dollars if they have twenty-four thousand dollars worth of crummy BS available you'd report it as one hundred wasting that twenty-four thousand and couldn't be used in the future we'll talk about that in more detail in a bit air 2...

People Also Ask about 709 2013 form

Do I really need to file form 709?

Do you need to file a gift tax return? If you make a taxable gift (one in excess of the annual exclusion), you are required to file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. The return is required even if you don't actually owe any gift tax because of the $12.06 million lifetime exemption.

Is there a penalty for not filing form 709?

A penalty is usually charged if your Form 709 is filed after the due date (including extensions). It is usually 5% of the tax not paid by the original due date for each month or part of a month your return is late. The maximum penalty is 25%. You might not owe the penalty if you have reasonable cause for filing late.

What is the gift tax exclusion for 2013?

The annual gift exclusion for 2013 increased to $14,000. See Annual Exclusion, later. For gifts made to spouses who are not U.S. citizens, the annual exclusion has increased to $143,000.

What is a form 709 for 2014?

Use Form 709 only to report those transfers where the ETIP closed due to something other than the donor's death. (If the ETIP closed as the result of the donor's death, report the transfer on Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return.)

What triggers a gift tax audit?

What Can Trigger a Gift or Estate Tax Audit? Here are some of the common factors that can lead to gift or estate tax audits: Total estate and gift value: Generally speaking, gift and estate tax returns are more likely to be audited when there are taxes owed and the size of the transaction or estate is relatively large.

What happens if I don't fill out form 709?

The IRS finds out if you gave a gift when you file a form 709 as is required if you gift over the annual exclusion. If you fail to file this form, the IRS can find out via an audit.

For pdfFiller’s FAQs

What is 709 form?

The term "709 form" typically refers to Form 709, which is a United States federal tax form used for reporting gifts. The form is used by individuals who have given gifts that exceed the annual exclusion limit, which is currently $15,000 per recipient in a single tax year. The purpose of Form 709 is to disclose and calculate any potential gift tax liability that may arise from these gifts. It is important to note that the recipient of the gift does not have a tax liability, but it is the responsibility of the gift giver to report and potentially pay gift taxes if applicable.

Who is required to file 709 form?

Individuals who give gifts beyond the annual exclusion amount (currently $15,000 per person) to any one recipient in a given year are required to file Form 709, the United States Gift (and Generation-Skipping Transfer) Tax Return. This form is used to report and calculate their gift tax liability. The filing requirement applies to both U.S. citizens and resident aliens.

How to fill out 709 form?

To fill out the Form 709, you need to follow these steps: 1. Obtain the Form: You can find the Form 709 on the official website of the Internal Revenue Service (IRS). 2. Provide Personal Information: Fill out your name, address, and Social Security Number (SSN) at the top of the form. If you are married and filing jointly, include your spouse's information as well. 3. Indicate the Gift Tax Year: Specify the year for which you are filing the Form 709. 4. Determine Gift Recipients: List the names and SSNs of all individuals who received a gift from you during the tax year. 5. Report Each Gift: For each recipient, provide details about each gift, including the date of the gift, its value, and a brief description. 6. Calculate the Total Gift Amount: Add up the values of all the gifts you provided during the tax year and enter the total amount. 7. Apply Applicable Deductions: If your gifts qualify for any deductions or exemptions (such as the annual exclusion or the marital deduction), subtract these amounts from the total gift amount. 8. Determine the Taxable Gift Amount: Subtract any applicable deductions from the total gift amount to calculate the taxable gift amount. 9. Compute the Gift Tax Due: Use the current gift tax rate to determine the tax due on the taxable gift amount. This will help you complete the tax calculations section of the form. 10. Sign and File the Form: Sign and date the Form 709, and submit it to the IRS. Note that the filing deadline is April 15th of the year following the year in which the gifts were made.

What is the purpose of 709 form?

The purpose of Form 709 is to report gifts and transfers subject to federal gift and generation-skipping transfer (GST) taxes. This form is filed by US citizens or residents who have made gifts exceeding the annual exclusion amount (currently $15,000 per recipient) or have made transfers subject to the generation-skipping transfer tax rules. The form provides information on the value of the gift or transfer, any deductions or exclusions that may apply, and calculates the total tax liability, if any. This form helps the Internal Revenue Service (IRS) keep track of taxable gifts and ensure compliance with the relevant tax laws.

What information must be reported on 709 form?

The 709 form, also known as the United States Gift (and Generation-Skipping Transfer) Tax Return, must be filed by individuals who have made certain gifts or transfers of property during the tax year. The following information must be reported on the 709 form: 1. Identification Details: The form requires the name, address, social security number, and date of birth of the donor (person making the gift) and the recipient of the gift (donee). 2. Gifts Made: The form requires a detailed description of each gift made during the tax year, including the date of the gift, the type of property or asset transferred, its fair market value at the time of the gift, and any applicable deductions or adjustments. 3. Calculation of Tax: The 709 form requires the calculation of the total taxable gifts made during the tax year, as well as the generation-skipping transfer tax (if applicable). This involves determining the lifetime gift tax exclusion amount, any previous taxable gifts made by the donor, and applying the applicable tax rates. 4. Valuation of Assets: In order to determine the fair market value of the gifted property, the form may require supporting documents such as appraisals, valuation reports, or expert opinions. 5. Elections and Special Situations: The form may include sections where the taxpayer can elect to split gifts with their spouse, select an alternate valuation date, or report certain types of gifts, such as gifts to a political organization or for educational or medical expenses. 6. Other Required Information: The form may also require information on the donor's relationship to the recipient if they are not a spouse or a blood relative, details of any gifts made by the donor to a non-U.S. citizen spouse, and information on any trust or other entities involved in the gift. It is important to note that the above is a general overview, and specific instructions and requirements for completing the 709 form can vary based on individual circumstances. Consulting a tax professional or referring to the official instructions provided by the Internal Revenue Service (IRS) is advisable for accurate and detailed reporting.

When is the deadline to file 709 form in 2023?

The deadline to file Form 709 for the 2023 tax year will most likely be April 17, 2024. However, it is important to note that tax deadlines can sometimes be adjusted by the IRS, so it is always advisable to double-check with the official IRS website or consult a tax professional for the most accurate and up-to-date information.

What is the penalty for the late filing of 709 form?

The penalty for late filing of Form 709, which is the United States Gift (and Generation-Skipping Transfer) Tax Return, can vary depending on the circumstances and the amount of tax owed. Generally, the late filing penalty can range from 5% to 25% of the gift tax due per month or part of a month that the return is late, up to a maximum of 25% of the tax due. The specific penalty amount is typically determined based on the duration of the delay in filing the return. It is important to consult with a tax professional or refer to official IRS guidelines for the most accurate and up-to-date information regarding penalties for late filing of Form 709.

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