IRS Form 709 (Gift Tax Return)

What Is IRS 709 Form?

In the U.S. all the individuals have to pay different taxes on regular basis. The type of such charges depends on person`s activity. However, there are some misunderstood taxes, such as a federal gift one. It must be paid in case an individual transfers his/her property or cash to a recipient as a gift. For instance, when someone dies and leaves their estate or money to beneficiaries. In this case it is required to prepare a form 709, Gift Tax Return. In this article you will find a short guide for preparing a sample as well as cases when it is required.

Before you start creating a 709 form sample, you need to check if you have to. Note that not each transfer requires payment of taxes. Here you will find the list of cases when a blank is needed:

• you gave gifts to someone totaling more than $14,000 (other than to your spouse);
• you made transfers called future interests;
• you need to split gifts with your spouse;
• you gave property held by both you and your spouse;
• you are an individual only.

If you fall within one of the above-mentioned categories, you have to fill out a blank and file it with the IRS.

The fillable template is a one-page document that comprises two parts. To create it saving time and effort we offer you to try an editable blank that can be prepared online in minutes. Save a completed file to your device or print out in no time. Find below the details you need to furnish:

• general information (donor`s name, address, citizenship, SSN, marriage details, date of death etc.);
• tax computation.

The document also includes four schedules that should show information about real estate or money transferred.

A final IRS 709 paper must be signed by a donor or his/her spouse. Sign a document electronically by typing, drawing or capturing your signature with a webcam.