Instructions for How to Fill in IRS Form 709

Elise Williams

2024-09-27 19:02:30 • Filed to: Other IRS Forms • Proven solutions

The IRS Form 709 is needed in reporting gifts that are subject to gift and generation-skipping transfer taxes. The most common rule is the yearly exclusion, in which anyone is able to give up to $14,000 in cash or property to someone without having a taxable gift. Furthermore, gifts to spouses are normally allowed in an unlimited amount without the need to file Form 709.

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When filing for IRS Form 709, it would be wise to use Wondershare PDFelement - PDF Editor Wondershare PDFelement Wondershare PDFelement to help you fill out the form. Aside from being form filler, this software can help you in converting any PDF to any format you want, and also let you perform editing, annotation, or protection.

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Instructions for How to Complete IRS Form 709

Step 1: Download the IRS Form 709 from the IRS website or get the Form 709 2022 here. Open the downloaded file on PDFelement. As an alternative, you can request for a paper copy of the form from your local IRS office if you're unable to download and print the files you have to fill out.

Step 2: Determine if it is really necessary for you to file IRS Form 709. The IRS obliges you to file an IRS Form 709 unless you gave nothing throughout the calendar year, gave below $16,000 to every individual recipient, or gave to tax-exempt aids.

Step 3: Define if you would like to split gifts with your spouse. The IRS said that you can split any gifts with the spouse if you both file a separate Form 709. You are also able to file this way even though you file your normal tax return together, and it could help you save money on the taxes by stating less giving on every return of the individual.

Step 4: Write the personal details requested on Part 1 of the form. It should include information about your identity, the identity of your spouse, your previous filing history and your spouse's agreement to splitting the gift (if applicable).

Step 5: Write every gift in Part 1, 2, and 3 of Schedule A, as instructed by the form.

Step 6: If you've given in the past years, fill out the Schedule B to notify the IRS of this giving.

Step 7: Fill out the Schedule D as directed if any of your gifts for this year were generational skips. For example, gifts for your grandchildren. If you listed any gifts on the Parts 2 and 3 of Schedule A, you have to also complete Schedule D.

Step 8: Complete the Part 4 of Schedule A with the use of the information requested.

Step 9: Complete Part 2 on Page 1 of the form. Sign your name and the date you fill out the form. Make your spouse sign on the line 18 if you chose to split gifts. File the completed form to the IRS together with the regular tax return.

Step 10: Send the forms to the address given by the IRS. Follow the IRS instructions for Form 1041 to make sure that the mailing address based on your location and whether you're enfolding a payment.

Tips and Warnings for IRS Form 709

• When to File: File the form after January 1, but before April 15 of the year, after the gift was made.
• Where to File: Department of the Treasury, Internal Revenue Service Center, Cincinnati, OH 45999. If you use private delivery service, mail to : Internal Revenue Service, 201 West Rivercenter Boulevard, Covington, KY 41011
• A married couple might not file a joint gift tax return. But if after reading the instructions above, you and your spouse compromise on splitting the gifts, you have file both of your individual gift tax returns together as this will help the IRS process the returns and to avoid correspondence from the IRS.
• Normally, you won't be able to take the marital deduction if the gift to your spouse is a terminable interest. In a lot of cases, a terminable interest is nondeductible if someone other than the donee spouse is going to have an interest in the property following the termination of the interest of the donee spouse.
• A nonresident surviving spouse who's not a citizen of the United States might not consider the DSUE amount of a dead spouse, except to the extent allowed by agreement with his or her country of citizenship.

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Elise Williams

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