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

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

What Is IRS Form 709?

This is a tax form that was released by the Internal Revenue Service (IRS) - a subdivision of the U.S. Department of the Treasury. Check the official IRS-issued instructions before completing and submitting the form.

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 transfers subject to gift or generation-skipping transfer tax may need to file IRS Form 709.

Q: What is the purpose of filing IRS Form 709?
A: The purpose of filing IRS Form 709 is to report and pay gift or generation-skipping transfer tax.

Q: What is gift tax?
A: Gift tax is a tax imposed on the transfer of money or property to another person without receiving full value in return.

Q: What is generation-skipping transfer tax?
A: Generation-skipping transfer tax is a tax on transfers of property to a person who is more than one generation younger than the transferor.

Q: When is IRS Form 709 due?
A: IRS Form 709 is generally due on April 15th of the year following the calendar year in which the gift was made.

Q: Are there any exceptions or exclusions for gift tax?
A: Yes, there are several exceptions and exclusions for gift tax, including the annual exclusion, medical and educational exclusions, and the lifetime exemption.

Q: Is professional assistance recommended for filing IRS Form 709?
A: It is recommended to seek professional assistance, such as a tax accountant or tax attorney, for filing IRS Form 709.

Q: What are the consequences of not filing IRS Form 709?
A: Failure to file IRS Form 709 or to report all required information may result in penalties and interest charges.