Use Form 709 to report transfers subject to the federal gift and certain GST taxes. 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 the following. Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes and to figure the tax due, if any, on those transfers. Allocation of the lifetime GST exemption to property transferred during the transferor's lifetime.

Form 709 (2024) Page . 2 Part III Spouse’s Consent on Gifts to Third Parties 1 . Gifts by spouses to third parties. Do you consent to have the gifts (including generation-skipping transfers) made by you and by your spouse to third parties during the calendar year considered as made one-half by each of you? See instructions. (If the

Mar 1, 2022 · 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 common return preparation mistakes.

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.

5 days ago · 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 16, 2025 · The 709 Schedule is required for individuals who have made gifts or transfers subject to federal gift tax. This obligation applies to those who exceed the annual gift tax exclusion amount, set at $17,000 per recipient for 2024.

Form 709, also known as the "United States Gift (and Generation-Skipping Transfer) Tax Return," is a tax form used to report gifts that exceed the annual gift tax exclusion and to calculate any potential gift tax liability. Let's dive deeper into the key aspects of Form 709 and the gift tax.

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.