6 Things You Need to Know About IRS Form 709
IRS Form 709 helps you report major financial gifts you made during the past year!
What is form 709?
IRS form 709 is used to calculate gift taxes. Some gifts, donations, or transfers are subject to taxes. The form is also used to calculate taxes on generation skipping transfers, or GSTs. The taxpayer that gave the gift is required to pay the tax on it. Only in special cases will the receiver of a gift be required to pay taxes on the gift.
Who needs form 709?
There are three general cases in which you will need to fill out form 709:
1. If you gave gifts to someone during the tax year totalling more than $14,000.
2. If you gave gifts known as future interests of any dollar amount.
3. If you are a part of a trust, estate, partnership, or corporation that gave gifts.
Gifts made to political organizations, some educational institutions, and some medical institutions are not subject to gift taxes.
What other forms accompany form 709?
Typically form 709 is sent with a taxpayer’s annual individual tax return. This is purely out of convenience, their due dates are the same.
How do I fill out form 709?
The IRS form 709 can be filled out and filed in many different ways. You can use a tax service, a private accountant, or even fill it using PDFfiller and print it out and send it in yourself. For more information on how to fill IRS Form 709, check out the following video:
When is form 709 due?
File form 709 no earlier than January 1, but no later than April 15. Years when April 15 falls on a Saturday, Sunday, or legal holiday, Form 709 is due the next business day.
Where do I send form 709?
Form 709 can be mailed to the following address:
Department of the Treasury
Internal Revenue Service Center
Cincinnati, OH 45999
If you are sending Form 709 via private delivery service, mail it to this address instead:
Internal Revenue Service
201 West Rivercenter Boulevard
Covington, KY 41011