Form 709 Minnesota 2024-2025

Form 709 Minnesota: What You Should Know

Amounts of gifts of money, securities, and interests in securities, or other property that you receive from a  person and that are includible in gross income if the total value of such gifts is more than 14,500 or 22,000 and  the donor is covered by an exception to the gift prohibition. • Gifts of property that are transferred to you, a qualified organization, a charitable group, or a trade poultry operation (or any branch or subsidiary of such an organization) that meets all the following tax exceptions or exceptions in its gift exemption status when you pay tax on such gifts. • It was a taxable gift in the year in which you made the gift. • It included any of the following assets or property: • Real property or improvements thereon. • A farm, fishing boat, airplane, or airplane used in the performance of your work. • All income or profits. • Gifts that you receive from others on or after January 1, 2021, but prior to such date you are a disqualified person, and you are at least 75 years old, or gifts of property you receive from others on or after  January 1, 2022, but you are under the age of 75 at the time of such transfer. • Gifts of property that you receive from donors who are not covered by an exception to the rule governing taxable gifts. • Gifts of non-cash items from people other than spouses. • Certain nonqualifying gifts that you receive from a nonprofit organization. • Gifts made to minors under 18 at any time, and donations made by non-profit charitable or national charities of up to 400 per person in any calendar year. • The value of contributions made to a foundation under the Code (the “contributions”) of Section 501(c)(3) or 501(c)(4). All or Part of the value of the gift of the following is taxed to you as a gift to the recipient: • Real property or improvements thereon. • Income and capital gains from the use of your real or personal property. • Interest on any debt that you are indebted to other than your own money. • Personal property that is not a real or personal property that you will retain on your own account for your own use or benefit. • You must file a gift tax return if you make an over statutory gift.

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