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Instructions for IRS Form 709
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Instructions for 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: Anyone who gives gifts to others that exceed the annual exclusion amount or makes generation-skipping transfers needs 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 potential gift or generation-skipping transfer tax owed.
Q: What is the annual exclusion amount for gifts?
A: The annual exclusion amount for gifts is the amount that can be given to an individual in a calendar year without triggering gift tax consequences. For 2021, the annual exclusion amount is $15,000 per recipient.
Q: What is a generation-skipping transfer?
A: A generation-skipping transfer is a transfer of property to a person who is more than one generation younger than the donor, such as a grandchild.
Q: Are all gifts subject to gift tax?
A: No, not all gifts are subject to gift tax. There are certain exclusions and exemptions that can apply.
Q: When is the deadline for filing IRS Form 709?
A: The deadline for filing IRS Form 709 is April 15th of the year following the year in which the gift or transfer occurred.
Q: What happens if I do not file IRS Form 709?
A: If you are required to file IRS Form 709 and fail to do so, you may be subject to penalties and interest on any unpaid gift or generation-skipping transfer tax.
Q: Can gifts be deducted from my income tax?
A: No, gifts are not deductible on your income tax return.
Instruction Details:
- This 20-page document is available for download in PDF;
- Not applicable for the current tax year. Choose a more recent version to file this year's taxes;
- Complete, printable, and free.
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