Wayne Michigan Form 709 2024-2025

Wayne Michigan Form 709: What You Should Know

Form 709, United States Gift (and Generation-Skipping Transfer) July 11, 2025 — Notice that the IRS has updated the form 709 to include a new section regarding Generation-Skipping Transfer tax-exempt gifts. All Generation-Skipping Transfer gifts must be reported on Form 709 with the same amount of information that was reported on Form-711. Probate, Estate Administration and Trust Administration Provide for collection of personal income tax on estate transfers. Form 709, United States Gift (and Generation-Skipping Transfer) June 18, 2025 — The IRS announced that the new generation-skipping gift tax exemption levels will be effective July 15, 2018. The threshold amounts for gifts and inheritances under 2 million will be 10,000 per person (22,000 for married couples filing joint returns), and the threshold amounts for gifts and inheritances under 4 million will be 20,000 (42,000 for married couples filing joint returns). There is no longer a threshold exemption amount for gifts and inheritances of 15 million or more. The gift tax exemption amounts will be phased in over the 2025 taxable year. Form 709— Generation-Skipping Transfer Tax Credit June 21, 2025 — The IRS has updated the form 709 to report the new generation-skipping transfer (GST) taxes and allocated the lifetime gift and generation-skipping transfer (GST) tax exemption amounts to each of the 7,500,000 couples with income in 2025 (or a larger adjusted gross income if no income data was collected) that received transfers. As a result, the threshold amounts for transfers under 10,000 and the threshold amounts for transfers over 10,000 have been adjusted. A gift tax return to an estate planning professional from a couple with income in 2025 will be sent by the IRS to collect the new gift taxes and to determine the threshold amount of the generations-skipping gift tax exemption to be allocated to the two partners or spouses when these individuals eventually reach the threshold amount for gifting. Form 709— Generation-Skipping Transfer Tax Credit Form 709-Transfers Received by a Partner, Spouse, etc. Form 709-Transfers Received by a Partner, Spouse, etc.

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