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.

Form 709 Department of the Treasury Internal Revenue Service United States Gift (and Generation-Skipping Transfer) Tax Return Go to www.irs.gov/Form709 for instructions and the latest information. (For gifts made during calendar year 2024) OMB No. 1545-0020. 2024 . Part I General Information . 1 . Donor’s first name and middle initial . 2

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.

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. 1. GST consequences of unreported gifts.

Feb 18, 2025 · IRS Form 709 must be filed every year that gifts worth more than the excluded amount were made. For tax year 2024, that’s any gift given by an individual that was over $18,000 in value; for 2025, it’s gifts over $19,000.

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.

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.

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.

Feb 17, 2025 · Learn the process of filing Form 709 for gift tax, including submission options, necessary attachments, and post-submission updates. Understanding where to file Form 709 is essential for individuals who need to report gift taxes accurately.

Jan 14, 2025 · A gift tax return, represented by IRS Form 709, is used to report gifts that exceed the annual gift tax exclusion amount, which is $18,000 as of 2024; $19,000 in 2025. A gift can be anything of value and can also include certain loans, indirect gifts, or …