Pima Arizona Form 709 2024-2025

Pima Arizona Form 709: What You Should Know

Total Value of Gifts. 2. Allocation of the Lifetime Gift Tax Exemption: In general, gifts made to your spouse (other than gifts made in kind and treated as personal property under Section 201(g) of the Internal Revenue Code) or to an estate or trust, shall be allocated at year-end to the following: A. For gifts of life estates or trusts: the spouses at the time of their death as if the spouse was still alive, or at the death of the spouse as if the spouses were still alive and the spouse surviving would have had the right to make a distribution from the estate upon the death of the spouse. In either event, the surviving spouse of the decedent may designate all or any portion of the gifts in respect of the decedent. If any portion of the gift is made to a public charity, the amount shown on the return for the tax year which includes the date of death of the decedent will be included in the gross estate at the time of death, subject to any applicable limitations specified on Form 6161 of the Internal Revenue Code. B. For gifts of decedent's real and personal property: the decedent in the year of his or her death as if the decedent were still alive. The surviving spouse of the decedent may designate all or any portion of the gifts to his or her spouse at the time of death, subject to any applicable limitations specified on Form 6161 of the Internal Revenue Code. A. Item. 1. Total Value of Gifts. The value of a gift by operation of law (Section 2107(2) of the Internal Revenue Code, etc.) or by gift pursuant to statute shall be included on the Form 709 if it is: 2. DATE OF DEATH, EXCEPTION: Gifts made in the year of death to deceased spouses and parents of the deceased are excluded on the basis that: an estate or trust would recognize the exemption based on a disposition of property in the year of death and the spouse or parent, as applicable, is alive during the year of death. 3. Allocation of the Lifetime Gift Tax Exemption: There shall be allocated, for gift tax purposes, to the gifts a proportionate share of the gross estate to be apportioned to the decedents in each of the following proportions: a.

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