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United States Gift and Generation-Skipping Transfer Tax Return Department of the Treasury Internal Revenue Service For gifts made during calendar year 2015 Form Information about Form 709 and its separate instructions is at www.irs.gov/form709. Cat. No. 16783M Form 709 2015 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. Part 1 General...
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How to fill out form 709 2015

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How to fill out form 709 2015?

01
Gather all necessary information, including your personal information, the donor's information, and the details of the gifts made during the year.
02
Start by completing the general information section of the form, which includes your name, address, and social security number.
03
Move on to the donor's information section, where you need to provide the donor's name and address, relationship to you, and their social security number.
04
Fill out Part 1 of the form, which requires you to report the total amount of the gifts made during the year, any prior taxable gifts, and the applicable exclusion amount.
05
Complete Part 2 of the form, which allows you to report any specific details about the gifts, such as the date of the gift, the type of property gifted, and its value.
06
Proceed to Part 3 of the form, where you must calculate the tentative tax on the gifts by applying the appropriate tax rates.
07
Fill out Part 4 of the form, which requires you to report any previous payments of gift tax, as well as any applicable credits.
08
Finally, review the completed form, sign it, and file it with the Internal Revenue Service (IRS) before the designated deadline.

Who needs form 709 2015?

01
Individuals who have made taxable gifts during the year and meet the filing requirements set by the IRS.
02
Spouses who split a gift and want to consider it as a gift made by one individual, rather than both.
03
Executors of estates that include taxable gifts made by the deceased individual during their lifetime.

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 2015?

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 2016?

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 form 709 2015

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...

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Form 709 is a tax form used by individuals in the United States to report certain gifts made during the year. It is titled "United States Gift (and Generation-Skipping Transfer) Tax Return" and is filed with the Internal Revenue Service (IRS). Form 709 is used to report gifts that exceed the annual exclusion limit, which is the amount an individual can give to another person each year without it being subject to gift tax. The purpose of this form is to keep track of the lifetime gifts made by an individual that may be subject to gift tax or affect their estate tax liability.
Form 709, also known as the United States Gift (and Generation-Skipping Transfer) Tax Return, is required to be filed by any individual who makes gifts exceeding the annual exclusion amount. The following individuals are generally required to file Form 709: - US citizens or residents who gave gifts valued at more than the annual exclusion amount ($15,000 per recipient in 2021) to someone other than their spouse during the tax year. - Non-US citizens or nonresidents who gave gifts of US situs property exceeding $165,000 (inflation-adjusted limit for tax year 2021) to someone other than their spouse during the tax year. It is important to note that the filing requirements may vary based on specific circumstances, such as gift-splitting by married couples or gifts to spouses who are not US citizens. Consulting a tax professional or referring to the IRS guidelines is advisable for accurate information regarding filing requirements.
Form 709 is the United States Gift and Generation-Skipping Transfer Tax Return, which is used to report gifts made during a tax year. Here are the steps to fill out Form 709: 1. Obtain the necessary forms: The Form 709 and its instructions can be obtained from the Internal Revenue Service (IRS) website (www.irs.gov) or by visiting a local IRS office. 2. Gather the required information: You will need the following information/documents: - Personal details: your name, Social Security Number (SSN), address, and date of birth. - Gift details: description of the gift, fair market value, date of gift, and recipient's name and SSN. - Exemptions: determine if any exemptions or deductions apply (such as marital or charitable deductions). 3. Complete Part 1: Begin by filling out your personal details in Part 1 of Form 709. 4. Complete Part 2: This section is used to calculate your total gifts made during the tax year. Fill in the required information regarding the gifted assets, date of gifts, and the fair market value. Include any applicable deductions or exemptions. 5. Calculate the gift tax: Use the provided charts, tables, and instructions to calculate the amount of gift taxes owed, if any. Gifts above the annual exclusion amount ($15,000 per person in 2021) may be subject to a gift tax. 6. Complete Part 4: If you made any generation-skipping transfers, you need to complete Part 4 of Form 709. This applies if you have transferred property to a person more than one generation below you (e.g., grandchildren). 7. Attach additional documentation: If necessary, attach supporting documents like appraisals, valuations, or any other relevant paperwork. 8. Sign and submit the form: After completing and reviewing the form, sign and date it. Send the form to the IRS address provided in the instructions. Be sure to keep a copy for your records. It's essential to consult with a tax professional or CPA if you have any doubts or complex gift transactions to ensure accurate completion of Form 709 and compliance with tax laws.
Form 709, also known as the United States Gift (and Generation-Skipping Transfer) Tax Return, is used to report gifts that exceed the annual exclusion amount and determine any gift or generation-skipping transfer tax liability. The purpose of Form 709 is to provide information to the Internal Revenue Service (IRS) regarding taxable gifts made during a calendar year, including gifts to individuals or trusts. This form is required to be filed by individuals who have made gifts exceeding the annual exclusion amount, which is subject to federal gift tax rules and regulations. By reporting such gifts, taxpayers ensure proper calculation and reporting of their gift tax liability, if applicable.
Form 709 is the United States Gift (and Generation-Skipping Transfer) Tax Return. It is used to report the gifts that an individual has made during their lifetime to determine if any gift tax is owed. The information that must be reported on Form 709 includes: 1. Personal Information: The taxpayer's name, address, social security number, and other identifying details. 2. Tax Year: The tax year for which the return is being filed. 3. Gift Details: The details of each gift made during the year must be provided, including the date of the gift, the recipient's name, relationship to the taxpayer, and the fair market value of the gift. 4. Taxable Gifts: The cumulative total of all taxable gifts made during the taxpayer's lifetime, including any gifts from prior years that have exceeded the annual exclusion amount. 5. Annual Exclusion Gifts: The value of gifts made during the tax year that qualify for the annual exclusion, which is currently $15,000 per recipient per year (2021 figure). This amount may be given to each recipient without incurring gift tax or reducing the taxpayer's lifetime gift tax exemption. 6. Gift Tax Calculation: If the total cumulative taxable gifts exceed the taxpayer's lifetime gift tax exemption (currently $11.7 million as of 2021), the excess amount is subject to gift tax. The Form 709 computes the gift tax owed based on the taxable gifts reported. 7. Unified Credit: If any gift tax is due, Form 709 allows the taxpayer to claim any available unified credit, which is a tax credit that offsets or reduces the gift tax liability. 8. Other Information: The form also includes sections for reporting previous gifts, prior years' tax paid, and other specific gift tax-related information. It is important to consult with a tax professional or refer to the official instructions for Form 709 provided by the Internal Revenue Service (IRS) for the most up-to-date and accurate information regarding the reporting requirements.
The deadline to file Form 709, which is the United States Gift (and Generation-Skipping Transfer) Tax Return, is typically April 15th of the year following the year in which the gift was made. However, if April 15th falls on a weekend or a legal holiday, the deadline may be extended to the next business day. Therefore, for gifts made in 2022, the Form 709 filing deadline would likely be April 15, 2023. It is always recommended to consult with a tax professional or refer to the IRS guidelines for the most accurate and up-to-date information.
If the Form 709, which is used to report gifts subject to federal gift and generation-skipping transfer taxes, is filed late, the penalty can be substantial. As of 2022, the penalty for the late filing of Form 709 is 5% of the gift tax due per month, up to a maximum of 25% of the tax. Additionally, if the delay is due to intentional disregard of the filing requirements, the penalty can increase to 15% per month, up to a maximum of 75% of the tax. It's important to note that these penalties can vary and are subject to change, so it's always recommended to consult the most up-to-date information from the IRS or a tax professional.
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