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KS online Form 709: What You Should Know
The IRS will be more than happy to help you figure out what to do with your return. If you give a gift in 2017, you must file Form 709 with Form W-2. Form 709 does not need to be accompanied by an accompanying W-2, but the donor must include an “explanation” on the return for each gift. You can include any supporting information or explanation needed by your IRS representative. (Form 709 does not address non-monetary gifts such as art.) For information about the benefits of having your return e-filed with the IRS, see Form 708 — Giving A Tax Deduction. If you were a U.S. non-resident alien who gave a gift (other than 19,650) of real or personal property or an amount of an interest in a trade or business to a Kansan during 2017, you must file Form 709 by the 15th day of the month after the end of the calendar year in which you made the gift. An individual whose only income is the non-grantor's fair market rental income from any rental property is not subject to gift tax, and the amount of the gift is subject to gift tax. However, an individual who receives a grant with respect to property subject to the gift tax has two options: (1) continue to use the property that is the subject of the grant until the end of the grant period; or (2) use the property within a reasonable period of time before the termination of the grant and give it to a recipient other than the Granter. For more information, read the following blog posts: Gifts and Taxes on Real or Personal Property — MSN News You can also download these forms and instructions: 709: Gift Tax Return — Drake Software KB 709: Gift Tax Return for Certain U.S. Residents — Drake Software KB 709: Gift Tax Return for Certain Non-Residents — Drake Software KB If you are a U.S. non-resident alien and have not received any foreign-earned income, you may be able to avoid gift tax depending on your circumstances. See section 2520A. See a good summary of some tax considerations here: Non-Residents Who Will Receive Foreign Earned Income — MSN News.
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