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Irs 709 instructions 2024 Form: What You Should Know
The amount reported on Form 709 will be subject to the federal gift and certain generation-skipping transfer tax that applies to transfers you made in the calendar year of the form's filing (including the calendar year on Form 709 (2021) | Internal Revenue Service ▷ Go to for instructions and the latest information. (For gifts made during calendar year 2021). ▷ See instructions. OMB No. 1544- ▷ ▷ The version of this article (which I originally posted in April 2018) reflects tax changes in the 2024 tax year. Do I Have to File a Gift Tax Return for Gifts Made in 2018? If your taxable income for 2024 does not rise above 75,000, you do not need to file Form 709 (or its equivalent) or send in your gift tax return. If you pay more than 75,000 in Gift- or Generation-Skipping Income for any taxable year, you can elect to report the excess as a capital gain and include it on your 2024 tax return. But you cannot claim any relief from tax for any such income on your 2024 tax return. If you plan to make a gift in 2024 and plan to file a gift tax return to report it, The easiest way is to use an agent (see IRS instructions). In some cases, this will reduce your tax liability because it will save you the hassle of completing Form 707. Instructions for Form 709 (2021). The following table lists the IRS forms, instructions, and deadlines that affect you if you make a 2024 gift to an individual (other than a surviving spouse) and file Form 709. The deadline for filing your tax return for 2024 is usually April 15, but the filing deadline may be extended until the 10th and 15th of each month. Form 709 (2021) ▷ For 2018, see Internal Revenue Service instructions, Note that the 2024 deadline for filing Form 709 is delayed until April 15, 2018.
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