Form 709 Illinois 2024-2025

Form 709 Illinois: What You Should Know

If you're not a U.S. citizen, but your spouse or designated individual is, you'll need to file an IRS Form 709 for that person. You'll also need to file a Gift Tax Return, Form 706. For more information about the U.S. gift tax, see Gifts to the United States. A. How to File Your U.S. Gift tax Return If you're resident in the U.S., you'll need to file your Form 709, U.S. Gift (and Generation-Skipping Transfer) tax return, with the IRS by the due date of your return (including extensions). If you're a U.S. citizen, you'll need to file Form 709 for an individual recipient. If you're not a U.S. citizen, you'll need to file Form 709 for your spouse or designated individual. The IRS form doesn't include a deadline, but if you owe the tax and the IRS has asked to see the documents you've given away as gifts, call or file Form 709 online at IRS.gov/Form709. If you haven't filed your U.S. Gift tax return for the year you gave more than 15,000 of property or cash to a single person, you must wait until the year after the year that the gift was given before you can file it. B. Transfers of property or cash that exceed the annual Gift Tax Exclusion Amount — Generally, a single item or cash that's over the annual Gift Tax Exclusion amount is taxable. The Exclusion amount for 2025 (13,000 for gifts to each recipient age 18 or older) is the amount that can be transferred before gifts of more than 15,000 are subject to the gift tax (gifts to individuals age 18 or older). See the itemized list of Gifts with Annual Exclusion below. Any money or other consideration given while the gift was being made will not be considered “permissible consideration” and therefore not subject to the gift tax. C. Gift Tax Return Instructions If you want to determine the gift tax exclusion amount for a particular person, fill out Form 709 on Line 14 of Schedule E (Form 1040), Line 4 of Form 1040A, or Line 15 of Form 1040EZ. The itemized list of Gifts with annual Exclusion is also available on IRS.gov.

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