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).
Forms 709, 706GS(D), 706GS(D-1) and 706GS(T) are due on the 15th day of the fourth month following the year the termination or distribution occurs (normally April 15 for calendar year taxpayers).
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.