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.

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: You need to file IRS Form 709 if you made gifts exceeding the annual exclusion amount or if you're subject to the generation-skipping transfer (GST) tax.

Q: What is the purpose of IRS Form 709?
A: The purpose of IRS Form 709 is to report and calculate any gift taxes or generation-skipping transfer taxes that may be due.

Q: What gifts need to be reported on IRS Form 709?
A: Gifts that need to be reported on IRS Form 709 include cash, property, or any transfer of assets, made during the year.

Q: Is there a deadline for filing IRS Form 709?
A: Yes, the deadline for filing IRS Form 709 is April 15th of the year following the year in which the gift was made.

Q: What happens if I don't file IRS Form 709?
A: If you're required to file IRS Form 709 and fail to do so, you may face penalties and interest on any unpaid gift or generation-skipping transfer taxes.

Q: Are there any exemptions or exclusions for gifts on IRS Form 709?
A: Yes, there are annual exclusion amounts and various exemptions that may apply to reduce or eliminate gift taxes.

Q: Can I file IRS Form 709 electronically?
A: Yes, you can file IRS Form 709 electronically using the e-file system provided by the IRS.

Q: Do I need to keep a copy of IRS Form 709 for my records?
A: Yes, it's recommended to keep a copy of IRS Form 709 and any supporting documentation for at least three years after the filing date.