What is an IRS Form 709?

Use Form 709 to report: Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes. Allocation of the lifetime GST exemption to property transferred during the transferor’s lifetime.

Who files the IRS Form 709?

donor of taxable gifts
Form 709 is filed by the donor of taxable gifts, who is also responsible for paying any associated gift tax.

What IRS form do I use for inheritance?

IRS Form 1041
IRS Form 1041, U.S. Income Tax Return for Estates and Trusts, is required if the estate generates more than $600 in annual gross income. The decedent and their estate are separate taxable entities.

What form is used for gift tax?

Form 709
Form 709 is used to report transfers subject to the Federal gift and certain generation-skipping transfer (GST) taxes, and to figure the tax, if any, due on those transfers.

Who has to file IRS Form 709 and why?

Taxpayers use IRS Form 709 to report gifts. Filing the form with the IRS is the responsibility of the giver, but it’s only required in certain gift giving situations. Take for instance the check Grandma writes for your birthday each year.

Where do I send form Tax Form 709?

Forms 709 that are filed in 2019 should be sent to Department of the Treasury, IRS Center, Kansas City, MO 64999. The Form 706 (Rev. Nov. 2018) is available on the IRS website at https://www.irs.gov/pub/irs-pdf/f706.pdf. The Form 709 (Rev. 2018) is available on the IRS website at https://www.irs.gov/pub/irs-pdf/f709.pdf.

Who files IRS Form 709?

Form 709 is filed by the donor of taxable gifts, who is also responsible for paying any associated gift tax. The form is five pages long, but you probably won’t have to fill out all its schedules. It walks you through necessary calculations, and claiming a lifetime exemption is simply a matter of noting this in a box.

When do you have to file Form 709, the gift tax return?

IRS Form 709 is due on or before April 15 of the year following the year in which you made taxable gifts. If you find that you have to file IRS Form 4868 to request an automatic six-month extension of time to file your personal income tax return, this form also extends the time you have to file IRS Form 709.