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Form 709 for Kansas City Missouri: What You Should Know
The information needed to file Form 709 is also needed if you would like to file a Form 709-A: Income Tax Return (Form 709A) or the Form 709A-E: Generation-Skipping Transfer Returns (Form 709A-E). You cannot file an estate or gift tax return electronically. In addition, if you would like to file a Form 709, the information needed to file a Form 709-A: Income Tax Return (Form 709A) or the Form 709A-E: Generation-Skipping Transfer Returns (Form 709A-E) must also be included on the Form 709A/709E if you plan to file the Form 709 online. The information you may need may vary depending upon the type of return you are filing under Form 709. If you are filing a gift tax return, however, the most important information you will need is the name of the decedent's estate or trusts. If you wish to file a return for the estate or trust estate, you must file Form 709 and include this information on a separate page from the return with Form 709A. The information below describes the information you may need and, for information on reporting gift tax to the states, see 704. To file a gift tax return, you must report the total value of gifts of 10,000 or more made by the decedent in each of the five (5) years or periods in which he or she controlled the same property, as shown in Table 2 (under column C of the table below). To figure the value of gifts, you must: • Itemize deductions and itemize gross income. To reduce the value of gifts, you may: • Deduct the cost of any gifts from the value of gifts. • Declare the value of gifts under section 2503. • Increase the value of a gift by adding the value of all contributions, bequests, devises, devices, or other sums of money given to the estate. If gifts are reported to be “gifts made in the ordinary course of a trade or business,” they are exempt from gift taxes, even if they exceed the 10,000 limits to report. If you are not sure if a particular gift is considered a gift under any particular section of the law, you should contact the IRS for guidance.
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