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: Anyone who gives gifts to another person totaling more than the annual exclusion amount needs to file IRS Form 709.

Q: What is the annual exclusion amount for gifts?
A: The annual exclusion amount for gifts is $15,000 per recipient in 2021.

Q: When is the deadline to file IRS Form 709?
A: The deadline to file IRS Form 709 is April 15th of the year following the gift.

Q: What gifts are included in IRS Form 709?
A: IRS Form 709 includes gifts of more than the annual exclusion amount, as well as certain types of generation-skipping transfers.

Q: What are generation-skipping transfers?
A: Generation-skipping transfers are transfers of property to a person who is more than one generation younger than the donor.

Q: Are there any penalties for not filing IRS Form 709?
A: Yes, there are penalties for not filing IRS Form 709 or for filing late, including fines and interest.

Q: Can I e-file IRS Form 709?
A: No, IRS Form 709 cannot be e-filed and must be filed by mail.

Q: Do I need to attach any documentation to IRS Form 709?
A: Yes, you may need to attach certain supporting documentation, such as appraisals or valuations, depending on the gifts and transfers reported.