Instructions for IRS Form 709 United States Gift (And Generation-Skipping Transfer) Tax Return

IRS Form 709 United States Gift (And Generation-Skipping Transfer) Tax Return

This document contains official instructions for IRS Form 709 , United States Gift (And Generation-Skipping Transfer) Tax Return - a tax form released and collected by the Internal Revenue Service (IRS), a subdivision of the U.S. Department of the Treasury. An up-to-date fillable IRS Form 709 is available for download through this link.

FAQ

Q: What is IRS Form 709?
A: IRS Form 709 is the United States Gift (And Generation-Skipping Transfer) Tax Return.

Q: Who needs to file IRS Form 709?
A: Individuals who have made gifts or generation-skipping transfers need to file IRS Form 709.

Q: What is the purpose of IRS Form 709?
A: The purpose of IRS Form 709 is to report gifts and generation-skipping transfers and calculate any applicable gift or generation-skipping transfer tax.

Q: What information is required to complete IRS Form 709?
A: You will need to provide information about the donor, recipient of the gift or transfer, and details about the gift or transfer itself.

Q: When is the deadline for filing IRS Form 709?
A: The deadline for filing IRS Form 709 is April 15 of the year following the year in which the gift or transfer was made.

Q: Are there any penalties for not filing IRS Form 709?
A: Yes, there can be penalties for not filing IRS Form 709, including monetary penalties and interest on any unpaid taxes.