709 Gift Tax Return by Don Fitch CPA (877)CPA-Help

Don Fitch CPA's Resume

Need Help to Prepare Your
Gift Tax Returns?
wwwPaylesstaxcom
Toll Free (877)CPA-Help or (877)272-4357

Don Fitch CPA's professional services include Guaranteed results with the IRS, tax returns for ALL 50 STATES, Financial and IRS Audits, Financial Reviews, Compilations, IRS Discovery's, Natural Disaster Relief, Lender Letters, and CPA Employment Verification

709 IRS Form
Page

Chat Live with a CPA

Free Internet Contact Form

Free Consultation

Free Tax Forms from 1980 to Present

Free Tax Chat

Free Video Messenger Chat

Actual IRS Wage Levy Releases

Actual IRS Offers in Compromise

Actual Testimonials

Actual Lien Releases

Don Fitch CPA's Guaranteed IRS Wage Levy Release Program

Haven't Filed in Years! What should I Do?

What to Look for in a CPA

Taxes and Bankruptcy

We prepare Federal and State Tax Returns for ALL 50 States!

(Individual)

(Amended)

(Partnership)

(Trust)

(Corporation)

(Sub S-Corporation)

(Estate)

(Gift Tax)

(Federal Unemployment Taxes)

(Payroll Taxes)

(Non Profit)

(Information)

Webmaster's Resume

Don Fitch CPA's Employment Opportunities

Directions to Don Fitch CPA

Purpose of Form

Use Form 709 to report the following:

Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes and to figure the tax, if any, due on those transfers, and
Allocation of the lifetime GST exemption to property transferred during the transferor's lifetime. (For more details, see the instructions for Part 2—GST Exemption Reconciliation on page 11, and Regulations section 26.2632-1.)

All gift and GST taxes must be computed and filed on a calendar year basis. List all reportable gifts made during the calendar year on one Form 709. Do not file more than one Form 709 for any one calendar year.

How To Complete Form 709

Determine whether you are required to file Form 709.
Determine what gifts you must report.
Decide whether you and your spouse, if any, will elect to split gifts for the year.
Complete lines 1 through 18 of Part 1, page 1.
List each gift on Part 1, 2, or 3 of Schedule A, as appropriate.
Complete Schedule B, if applicable.
If the gift was listed on Part 2 or 3 of Schedule A, complete the necessary portions of Schedule C.
Complete Schedule A, Part 4.
Complete Part 2 on page 1.
Sign and date the return.

Who Must File

In general. If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations.

If you gave gifts to someone in 2005 totalling more than $11,000 (other than to your spouse) you probably must file Form 709. But see page 2 for information on specific gifts that are not taxable and for gifts to your spouse.
Certain gifts, called future interests, are not subject to the $11,000 annual exclusion and you must file Form 709 even if the gift was under $11,000. See Annual Exclusion on page 2.
A husband and wife may not file a joint gift tax return. Each individual is responsible for his or her own Form 709.
You must file a gift tax return to split gifts with your spouse (regardless of their amount) as described in Part 1—General Information on page 5. Form 709-A, United States Short Form Gift Tax Return, is obsolete.
If a gift is of community property, it is considered made one-half by each spouse. For example, a gift of $100,000 of community property is considered a gift of $50,000 made by each spouse, and each spouse must file a gift tax return.
Likewise, each spouse must file a gift tax return if they have made a gift of property held by them as joint tenants or tenants by the entirety.
Only individuals are required to file gift tax returns. If a trust, estate, partnership, or corporation makes a gift, the individual beneficiaries, partners, or stockholders are considered donors and may be liable for the gift and GST taxes.
The donor is responsible for paying the gift tax. However, if the donor does not pay the tax, the person receiving the gift may have to pay the tax.
If a donor dies before filing a return, the donor's executor must file the return.

Who does not need to file. If you meet all of the following requirements, you are not required to file Form 709:

You made no gifts during the year to your spouse,
You did not give more than $11,000 to any one donee, and
All the gifts you made were of present interests.

Gifts to charities. If the only gifts you made during the year are deductible as gifts to charities, you do not need to file a return as long as you transferred your entire interest in the property to qualifying charities. If you transferred only a partial interest, or transferred part of your interest to someone other than a charity, you must still file a return and report all of your gifts to charities.

If you are required to file a return to report noncharitable gifts and you made gifts to charities, you must include all of your gifts to charities on the return.

709 Gift Tax Return by Don Fitch CPA (877)CPA-Help