Form 709 Arizona 2024-2025

Form 709 Arizona: What You Should Know

Exemption Amount. If you are a married individual filing a joint tax return, your personal exemption is the 16,000 limit (6,000 two persons). (Exceptions: Gifts to a family member (other than family members defined in section 223(g)(5)(B)) that amount may be excluded from the 16,000 limit on the spouse's part of the tax return. See the separate instructions for that chapter.) · 4. Qualifying Estate. Generally only a qualified estate is considered. · 5. Qualifying Qualify Estate (BQE). If the total amount of your taxable gifts to you and your spouse during your lifetime exceeds the maximum annual tax exclusion, you and your spouse will file Form 709 together, instead of individually. This will allow you to give gifts to non-spouse beneficiaries of either your estate or that of your spouse. You will receive no tax deduction unless the amount exceeds the 12,000 annual exclusion. · Taxable Gifts. Any gift not otherwise exempt is taxable. A 5,000 gift is normally non-exempt. The following gifts that exceed the annual exclusion and aren't given to non-family members are taxable unless another reason for making them exempt exists. · Any interest in real or personal property for which you or your spouse may be legally obligated to deliver the property. · Any transfer of your interest in a business trust. · Any transfer of an interest in any corporation, partnership, or S corporation. · Any gift to you in anticipation of your death, or upon your death. · Any gift made in connection with the administration of a trust, or in connection with the exercise of a power of appointment, or in consideration or in exchange for the performance by you of any duty or function. · Any gift made in accordance with the instructions on a Form 6251. · Any capital contribution. · Any gift you make with the intention of receiving more than 35 in value for or as part of the sale or exchange of the gift. · Any gift to a person if the recipient agrees that the gift will be given to the person whose name appears first on the gift return. Gift Exemption Exclusions for Gifts to You. The exclusion for gifts to you is the greatest of your exempt amount (the amount of tax exemption you receive) or the annual exclusion.

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