Information about Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, including recent updates, related forms, and instructions on how to file. Use Form 709 to report transfers subject to the federal gift and certain GST taxes.

Schedule A. If your spouse disposes (by gift or otherwise) of all or part of the qualifying life income interest, your spouse will be considered to have made a transfer of the entire property that is subject to the gift tax. See

Form 709 is used to report (1) transfers subject to the federal gift and certain GST taxes and to figure the tax, if any, due on those transfers; and (2) allocations of the lifetime GST exemption to property transferred during the transferor's lifetime.

Apr 14, 2025 · Form 709 is due by the same deadline as your personal tax return—April 15, 2026, for the 2025 tax year. If you file for a six-month extension (Form 4868), that extension applies to your gift tax return as well. Common Mistakes to Avoid. A lot of people either forget to file Form 709 or assume that if no tax is owed, no form is needed.

Feb 18, 2025 · Form 709 is the way to report to the IRS any gifts made in the prior year that are subject to the gift tax. Don’t worry, though. Most people will never pay any taxes on gifts made over the course of their lives. The annual gift tax exemption amount is fairly substantial; the lifetime gift tax exemption is stratospheric.

Mar 1, 2022 · Editor: Alexander J. Brosseau, CPA. Many taxpayers are responding to the favorable gift and estate tax environment and making more gifts. While it may take some finesse to report the most complicated transactions on Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, you do not have to be a gift tax specialist to be aware of 10 …

Generally, Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return is required if any of the following apply: An individual makes one or more gifts to any one person (other than his or her citizen spouse) that are more than the annual exclusion for the year. Note: the annual gift tax exclusion amount is indexed for inflation.

If you made substantial gifts this year, you may need to fill out Form 709. This guide breaks down the steps for reporting gift taxes and how to avoid them.

Feb 16, 2025 · Form 709 documents taxable gifts, which can influence financial planning and estate management. Proper filing helps track gifts against the lifetime exemption limit and ensures adherence to IRS rules. Let’s explore the key aspects of the filing process and gift tax guidelines.

Feb 17, 2025 · Learn how to accurately file Form 709 for gift splitting, ensuring compliance and understanding eligible gifts and necessary documentation. Gift splitting can be a strategic tool for married couples to optimize their tax situation.