Form 709

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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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On their separate Forms 709, United States Gift (and Generation-Skipping Transfer) Tax Return, each taxpayer claimed a $12,000 annual exclusion for a gift of a present interest to each of the 60 beneficiaries.
Donors filed a total of 234,714 Forms 709 for Gift Year 2008 (Figure A).
Further, in the case of a split-gift transfer with a spouse, the statement must be attached to both the transferor's and the spouse's Forms 709.
H hired a return preparer to prepare Forms 709, United States Gift (and Generation-Skipping Transfer) Tax Return, for himself and T, and gave the return preparer false information as to the stock's value.