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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Mona would have to report a $5,000 taxable gift on 1RS Form 709. That $5,000 taxable gift will reduce her current federal estate and gift tax exemption amount to $11,175,000, assuming no other taxable gifts have been made.
When it comes to taxes, anyone can give any other person a gift up to $15,000 in value (money or, say, stocks) in 2018 without filing the gift-tax return IRS Form 709. So a parent with two children can give each of them -- and even the children's partners -- up to $15,000 this year without having to complete Form 709.
A taxpayer must recalculate any remaining applicable exclusion amount by (1) using a Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, an amended Form 709, or a Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return; (2) writing at the top of the form that the return is "filed pursuant to Notice 2017-15"; and (3) attaching a statement supporting the claim and detailing the taxpayer's recalculation.
On preparing the gift tax return itself, Grimaldi recommended viewing the IRS's instructions for Form 709 and making a checklist of what materials and information need to be collected.
3.01's scope by entering at the top of Form 706 or Form 709 "Filed pursuant to Revenue Procedure 2016-49;"
(The trust has the usual Crummey withdrawal powers for children and Cristofani withdrawal powers for grandchildren.) The grantor also allocates gift-tax annual exclusions, applicable lifetime gift exemption and generation-skipping exemption on the Form 709 U.S.
Income Tax Return for Estates and Trusts], not just the Form 709 [United States Gift (and Generation-Skipping Transfer) Tax Return].
The Government sought information as part of a compliance initiative which is designed to "capture data from states and counties regarding real property transfers taking place between non-spouse family members for little or no consideration during the period of January 1, 2005, through December 31, 2010." The IRS stated that taxpayers are not filing the required Form 709 "United States Gift (and Generation-Skipping Transfer) Tax Return".
(6) The gift tax return, Form 709, must be filed by the donor on or before April 15 following the close of the calendar year in which the donor makes the gift, except that an extension of time granted for filing the income tax return serves also as an extension of time for filing the gift tax return (see first pages of the gift tax return and instructions for filing the gift tax return, pages 568-569).
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.