NY Form 709 2024-2025

NY Form 709: What You Should Know

Form 708 (the gift tax refund) is not an additional federal gift tax liability. Filing federal Form 709 or Form 708 is the only place on which the IRS can calculate the federal gift tax.  It's the responsibility of the giver to file Form 709 and provide details and payment information for the gift tax. Only an itemized receipt and a copy of the Form 8283, New York State Gift Tax Return, are required. All other information, such as the value of the gift item, must be provided by the giver on Form 8283. The IRS does not receive the payment and may not even know the gift was made. The IRS will calculate the total GST at the date of distribution and will apply the maximum amount of tax that would be determined by the current tax rates, except taxes imposed on the transferor (e.g. the tax on a life insurance contract or a dividend on an exchange).  The recipient of a gift will receive the GST exemption for any property gifted to the taxpayer if the recipient transfers the gift in the same taxable year of receipt. If a taxable year begins with January 1 of the year immediately following the taxable year for which the taxable year begins, the new tax year begins on January 1 of the first year that ends after the taxable year for which the taxable year began. The transferee of any gift-tax free property will be deemed to have disposed of the property on the first day of the first taxable year that begins after that taxable year. This is referred to as the year of disposition rule. For example, an individual transfers 1,000 worth of jewelry to another individual during a 5,000 taxable year (taxable with the first 2,500 due February 15). In this example, the 5,000 taxable year ends January 15 of the following year and the person receiving the gift receives an exemption for that portion of the transaction. In order to receive the 5,000 exemption the new taxpayer must make a gift tax-free payment of 600 to the giver at the time of disposition of the property, and any transfer tax due the previous taxpayer will be due on January 17, the next January 1.

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