League City Texas Form 709 2024-2025

League City Texas Form 709: What You Should Know

Other gifts, however, are subject to the  specific “GST” tax rules. Also, if you're a U.S. citizen, if you're considered to have disposed of  property for value (i.e., worth more than 15,000), then we recommend you not to file a  709. Also, if you're a U.S. citizen who is a gift or estate tax preparer, but make a gift to a trust, then  I'd be remiss not to recommend that you also file a “GST” return. Tax Tips The instructions are fairly well-written, although some information about what Form 709 really means and the  explanation that the IRS provides is not provided. For example, I don't see how the gift is tax-deductible if the  gift is made for medical expenses or other health-related purposes. That question has not  been answered well here: Form 709 and the Gift Tax Exemption In general, property or cash of all types is considered “gifted income.” This means that any tax on the  gift, however, falls on your personal return.  Generally, taxable gifts are not deductible unless you use the gift to: Maintain an interest in property or cash, (even though it's a gift) Transfer property or cash to family members, other members of your household, other  members of your household (including other relatives of your children) The list of gift tax-exempt gifts is not necessarily exclusive: you are also  exempt from the gift tax if you have a “qualifying relative” (other than your spouse) who is not a taxpayer. Form 709 is a standard, self-certification form for the information report that's part of your  filing. The IRS Form 709 can be completed, signed, and filed by the taxpayer, a spouse of the taxpayer, or  a trust, estate, or other entity. You should fill out Form 709 if you intend to give at least 15 in cash or property to any U.S.

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