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...Information 1 Donor s first name and middle initial See instructions. 2 Donor s last name 3 Donor s social security number 4 Address number street and apartment number 5 Legal residence domicile 6 City or town state or province country and ZIP or foreign postal code 7 Citizenship see instructions and enter date of death Yes If you extended the time to file this Form 709 check here Enter the total number of donees listed on Schedule A. Count each person only once 11a b Have you the donor...previously filed a Form 709 or 709-A for any other year If No skip line 11b Has your address changed since you last filed Form 709 or 709-A. Gifts by husband or wife to third parties. Do you consent to have the gifts including generation-skipping transfers made by you and by your spouse to third parties during the calendar year considered as made one-half by each of you see instructions. If the answer is Yes the following information must be furnished and your spouse must sign the consent shown...below. If the answer is No skip lines 13 18. Name of consenting spouse Were you married to one another during the entire calendar year see instructions. If 15 is No check whether married divorced or widowed/deceased and give date see instructions Will a gift tax return for this year be filed by your spouse If Yes mail both returns in the same envelope. If the donor died during the year check here. No 14 SSN Date Have you applied a DSUE amount received from a predeceased spouse to a gift or...gifts reported on this or a previous Form 709 If Yes complete Schedule C. Part 2 Tax Computation Consent of Spouse. I consent to have the gifts and generation-skipping transfers made by me and by my spouse to third parties during the calendar year considered as made one-half by each of us. We are both aware of the joint and several liability for tax created by the execution of this consent. Consenting spouse s signature Enter the amount from Schedule A Part 4 line 11. Total taxable gifts. Add...lines 1 and 2. Tax computed on amount on line 3 see Table for Computing Gift Tax in instructions Balance. Subtract line 5 from line 4. Applicable credit amount. If donor has DSUE amount from predeceased spouse s enter amount from Schedule C line 4 otherwise see instructions. Enter the applicable credit against tax allowable for all prior periods from Sch* B line 1 col* C Enter 20. 20 of the amount allowed as a specific exemption for gifts made after September 8 1976 and before January 1 1977 see...instructions.
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How to fill out IRS 709
Instructions and Help about IRS 709
How to edit IRS 709
To edit IRS 709, use dedicated software like pdfFiller that allows for simple document adjustments. Upload the IRS 709 form, make necessary changes, and ensure all information is accurate before saving the edits. When finished, you can directly sign and store the revised form using pdfFiller's tools.
How to fill out IRS 709
Filling out IRS 709 requires attention to detail to ensure compliance with U.S. tax regulations. Start by collecting all necessary information such as details of gifts made during the tax year, donor and recipient identification, and any previous gifts that may affect the current return. Follow these steps to complete the form:
01
Download the latest version of IRS 709 from the official IRS website or use pdfFiller for easy access.
02
Fill in Part 1 with the donor's information, including name, address, and taxpayer identification number (TIN).
03
Complete Part 2 with recipient details and the value of gifts given during the calendar year.
04
Report any prior gifts if applicable, in Part 3.
05
Sign and date the form at the bottom before submission.
About IRS previous version
What is IRS 709?
What is the purpose of this form?
Who needs the form?
When am I exempt from filling out this form?
Components of the form
What are the penalties for not issuing the form?
What information do you need when you file the form?
Is the form accompanied by other forms?
Where do I send the form?
About IRS previous version
What is IRS 709?
IRS 709 is the United States Federal Gift Tax Return used by individuals to report gifts exceeding the annual exclusion limit. This form is essential for tracking taxable gifts and ensuring compliance with federal gift tax laws.
What is the purpose of this form?
The purpose of IRS 709 is to report gifts made by individuals that exceed a specific threshold established by the IRS each year. It ensures that individuals pay applicable gift taxes for large transfers of wealth, protecting the U.S. tax system's integrity. Failure to report such gifts can lead to penalties and additional tax liabilities.
Who needs the form?
Individuals who give gifts valued over the annual exclusion limit must file IRS 709. Additionally, if you split gifts with a spouse or make gifts to certain trusts, you may also be required to complete this form. Understanding when to file IRS 709 is crucial for compliance and accurate tax reporting.
When am I exempt from filling out this form?
You are exempt from filing IRS 709 if all gifts made during the year are below the annual exclusion limit. For example, in 2023, if all gifts made are below $17,000 per recipient, you do not need to file. Furthermore, gifts made to spouses or for educational or medical expenses may qualify for exclusions, reducing filing requirements.
Components of the form
IRS 709 includes several components including basic information about the donor and recipient, details of the gifts, and calculations regarding taxable amounts. The form also invites the filer to report any previous gifts, ensuring a comprehensive tax record that aligns with IRS regulations.
What are the penalties for not issuing the form?
Failure to file IRS 709 can result in significant penalties, including fines and interest on owed tax amounts. The IRS may impose a penalty of 5% of the unpaid gift tax for each month the form is late, up to 25%. Timely filing helps prevent unnecessary financial repercussions.
What information do you need when you file the form?
When filing IRS 709, gather the following essential information: donor's identifying details, recipient names and TIN, descriptions of the gifts, dates of transfer, and any related valuations. This information is critical to support your filing and ensure accuracy in your tax obligations.
Is the form accompanied by other forms?
IRS 709 may need to be filed alongside other forms, such as IRS Form 706 (the estate tax return), if applicable. Additionally, additional schedules may be necessary to report the details effectively, especially if multiple gifts were made, complicating the reporting process.
Where do I send the form?
Send IRS 709 to the appropriate IRS service center based on your state of residence. Ensure that you follow the instructions provided on the IRS website for the most updated mailing information to avoid delays or processing issues.
FAQ about IRS 709
What should I do if I realize I've made a mistake on my filed IRS 709?
If you've made a mistake on your filed IRS 709, you will need to file an amended form. This involves submitting a corrected version with the appropriate changes marked clearly to ensure the IRS can process your corrections efficiently. It's advisable to keep copies of both the original and amended forms for your records.
How can I verify the status of my filed IRS 709?
To verify the status of your filed IRS 709, you can utilize the IRS's online tools which will allow you to check the processing status. Additionally, maintaining a copy of your submission can help you reference details if you encounter any issues or need to resolve rejection codes.
Are there special considerations for filing IRS 709 when dealing with nonresident aliens?
Yes, filing IRS 709 for nonresident aliens can involve different rules and requirements compared to residents. It's crucial to understand how residency status impacts gift tax obligations and reporting requirements. Consulting with a tax professional who is familiar with international tax law is highly recommended to navigate these nuances.
What common errors should I watch for to avoid complications with my IRS 709 submission?
Common errors include incorrect taxpayer identification numbers, misreporting gift values, and failing to include all required information. Double-checking your entries and ensuring you have all necessary documentation can help prevent these mistakes before submission.
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