Form 709

Form 709

A form one files with the IRS to declare the gift tax liability on transfers exceeding a certain value, as well as that on some transfers involving a generation-skipping trust.
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Specifically, GST trusts that received lifetime gifts before 2001 did not benefit from automatic GST tax exemption allocations and would have required exemption allocation on a Form 709 gift tax return, whereas gifts to those same trusts after 2000 would have received automatic exemption allocations absent an election out (notwithstanding the special rules for grandfathered trusts, discussed above).
The grantor also allocates gift-tax annual exclusions, applicable lifetime gift exemption and generation-skipping exemption on the Form 709 U.
Income Tax Return for Estates and Trusts], not just the Form 709 [United States Gift (and Generation-Skipping Transfer) Tax Return].
Gift (and Generation-Skipping Transfer) Tax Return, Form 709 ("709") electing to split the gift of corporate stock to the trust.
If the value is more than $10,000, which it usually is, then Form 709 has to be filed.
Finally, Estate and Gift Tax Returns and Audits is a guide to the perparation of Form 706, federal estate and generation-skipping transfer tax return, and Form 709, gift and generation-skipping tax returns.
Gifts reported on Form 709 are most often made to heirs and are rarely charitable deductions, which the IRS tracks in other ways.
Steinberg attached a summary of the net gift agreement, which included a description of the appraiser's determination of the value of the net gifts, to the Form 709.
1) This "Gift Year 2008" study file is the most recent of SOI's annual Form 709 studies.
Pierre filed Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, for 2000 and reported the 9.
The program has since grown to be the world's most popular software for performing historical security valuations for IRS Form 706 and Form 709.