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What Is Form 709?
The 709 form is also known as the United States Gift (and Generation-Skipping Transfer) Tax Return. The form is released by the Department of the Treasury Internal Revenue Service and is usually updated every year. You can file only the form that matches the year you want to indicate in it. In the document, you have to include the information on the assets’ transfer that is subject to the federal gift tax as well as the generation-skipping transfer taxes.
You have to include the taxable gifts in the form that you give to other people and that is taxable. These gifts can include physical assets, like real estate or cash that is taxable. You don’t need to include in the form the money you’ve given to your children or grandchildren if they are less than $16,000 for 2022 or $17,000 for 2023. Yet, if the number is over this amount, you have to report this form 709 gift tax.
What Do I Need the Form 709 For?
- You need gift tax IRS form 709 for the recording of the gifts you make to other people that are taxable. Don’t fill out the form if you gave your grandson a toy, but inform the IRS if you gave your grandson an apartment as a Christmas present;
- Some assets have to be registered as generation-skipping transfer taxes. You can use it to allocate the GST exemptions in case you prefer to give the property to a person who is not related to you by adoption, blood, or marriage, and who is more than 37 years younger than you. In this case, you have to send form 709 PDF to the IRS.
How to Fill Out Form 709?
Now you can learn how to fill out form 709 here. It does not take much time if you follow the guide. Let’s start from the beginning. You can find IRS form 709 on the IRS official website, where you will see brief instructions and the blank in the PDF which you can only download and print. You can’t complete it online without opening an editor like PDFLiner that contains all the tools you need for it.
If you don’t want to send the form by regular mail to the IRS, once you follow all form 709 instructions, you can complete everything online and send the form using PDFLiner. The form is not that complicated, but it may take some time to figure out how to fill all the sections and which sections you need. Follow the next IRS instructions for form 709:
- Provide the general information about the donor, including name, address, SSN, legal residence, and citizenship. Include information on the gifts that were made by the spouse or third parties;
- Include the tax computation in part 2 of the form, naming the balance, and total credits too;
- Put the tick in the appropriate box based on whether you want the IRS to discuss the form return or not;
- Put the signature and the date;
- Leave the paid preparer use section to the person who paid if you are not. If you are a paid preparer, fill it out. You have to attach the money order or check close to the section.
Organizations That Work With Form 709
- Department of the Treasury Internal Revenue Service.
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Fillable online Form 709