AK Form 709 2024-2025

AK Form 709: What You Should Know

The IRS grants a one-time gift tax exemption each year without a penalty by filing an  application for automatic extension of time to file the 2025 Form 709 gift tax return. An automatic extension of time to file a gift tax return for any year (2007, 2008, or 2009) is granted based  on the taxpayer's filing status.  Your Annual Gift Tax Exclusion — Saving for College Sep 16, 2025 — To establish the annual gift tax exclusion (AGE), your annual gift tax exclusion must be 2,500 before you can take the annual gift tax exclusion for the two-year period beginning on the 2017 tax year. You can take the 2025 AGE at any time before or after you file the 2025 income tax return. If you have the annual gift tax exclusion  for the two-year period beginning on the 2025 tax year, take the annual gift tax exclusion for the two-year  period beginning on the 2025 tax year. Then, subtract the 2,500 limitation from the value of the taxable gifts received. The remaining value of the AGE must be included on Schedule A of Form 941, Line 21. How to Use Your Annual Gift Tax Exclusion — Saving for College Sep 13, 2025 — To be eligible to take the AGE deduction on Schedule A of Form 941, Line 21, you must have a taxable gift of 18,600 or more for the 2025 tax year. How to Use Your Annual Gift Tax Exclusion — Saving for College Sep 7, 2025 — The annual gift tax exclusion (AGE) is the same for the years 2025 and 2009. If you meet the age requirement on your 2025 tax return, you may want to take the 2,500 annual gift tax exclusion. If you  have no taxable gifts, you are not required to file the IRS Form 709 gift tax return. However, to make the five-year  election you must  download the application for automatic extension of time to file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return (Inst 709) — Internal Revenue Service.

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