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ORGANIZER GIFT TAX RETURN ORGANIZER (FORM 709) This organizer is designed to assist you, the donor, in gathering the information required for preparation of your gift tax returns for 2015. Please

How to fill out gift tax return organizer

How to fill out gift tax return organizer:

1. Gather all necessary information: Before starting to fill out the gift tax return organizer, collect all the relevant information and documents. This includes details about the gifted assets or property, their fair market value, any previous gifts made, and the identities of both the donor and the recipient.
2. Determine the filing deadline: It is important to know the deadline for filing the gift tax return. In general, the gift tax return is due on April 15th of the year following the gift. However, it is advisable to double-check the specific deadline with the IRS or consult a tax professional.
3. Identify the appropriate form: There are two forms used to file gift tax returns - Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return. Determine which form is applicable to your situation and obtain a blank copy of the form.
4. Complete the form: Begin by providing your personal information, such as your name, Social Security number, and address. Then, proceed to fill out the details of the gifted assets, including their values and any deductions or exclusions that may apply. Follow the form's instructions carefully to ensure accurate completion.
5. Calculate the gift tax: After completing all the necessary sections of the form, calculate the amount of gift tax owed, if applicable. The gift tax is determined based on the total value of the gifts made during the tax year, considering any applicable exclusions or deductions. If the total exceeds the annual exclusion limit, gift tax may be owed.
6. File the gift tax return: Once the form is complete and the gift tax has been calculated, submit the gift tax return to the IRS. Make sure to keep a copy of the return for your records. If any tax is owed, pay it by the filing deadline to avoid penalties and interest.

Who needs gift tax return organizer?

1. Individuals who have made substantial gifts: The gift tax return organizer is necessary for individuals who have made gifts that exceed the annual exclusion limit set by the IRS. It is important to accurately report these gifts to determine any potential gift tax liability.
2. Executors or administrators of estates: If you are responsible for handling the estate of a deceased individual who made gifts during their lifetime, you may need to complete a gift tax return organizer to determine if any gift tax return needs to be filed.
3. Individuals seeking professional assistance: Even if you are not required to file a gift tax return, it may still be beneficial to use a gift tax return organizer if you want to ensure accurate record-keeping and understanding of your gifting activities. Consulting with a tax professional can help determine if a return is necessary and guide you through the process.

For pdfFiller’s FAQs

What is gift tax return organizer?

A gift tax return organizer is a form used to report gifts given to others that exceed the annual exclusion amount set by the IRS.

Who is required to file gift tax return organizer?

Individuals who have given gifts that exceed the annual exclusion amount are required to file a gift tax return organizer.

How to fill out gift tax return organizer?

To fill out a gift tax return organizer, you need to report the details of the gifts given, including the recipient's information and the value of the gift.

What is the purpose of gift tax return organizer?

The purpose of a gift tax return organizer is to report gifts that exceed the annual exclusion amount and ensure that any applicable gift taxes are paid.

What information must be reported on gift tax return organizer?

On a gift tax return organizer, you must report the recipient's information, the value of the gift, and any applicable deductions or exclusions.

When is the deadline to file gift tax return organizer in 2023?

The deadline to file a gift tax return organizer in 2023 is April 15th.

What is the penalty for the late filing of gift tax return organizer?

The penalty for the late filing of a gift tax return organizer is a percentage of the unpaid tax, based on how late the return is filed.

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