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Was finalizing an estate tax return and starting up on the... gift tax returns and just had to tell you again - THANK YOU FOR THIS PROGRAM!!!! Can't believe what a JOY it is to use compared to all those we've been toiling with for years. Actually there IS no comparison. Easy, intuitive, doesn't fight back... haven't had to pound on the keys once in frustration since installation. Thanks for coming to the rescue - keep up the great work.
Kamuela, HI

Form 709 - Federal Gift Tax Return

Individuals must use Form 709 to report the following:

  • Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes and to figure the tax, if any, due on those transfers, and
  • Allocation of the lifetime GST exemption to property transferred during the transferor's lifetime. (For more details, see the instructions for Form 709 and Treas. Reg. ยง26.2632-1.)

Who Must File

In general, if you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations:
  • If you gave gifts to someone (other than your spouse) during the year totaling more than the annual exclusion, you probably must file Form 709.
  • Certain gifts, called future interests, are not subject to the annual exclusion, and you must file Form 709 even if the gift was under the annual exclusion amount.
  • A husband and wife may not file a joint gift tax return. Each individual is responsible for his or her own Form 709.
  • You must file a gift tax return to split gifts with your spouse (regardless of their amount).
  • If a gift is of community property, it is considered made one-half by each spouse. For example, a gift of $100,000 of community property is considered a gift of $50,000 made by each spouse, and each spouse must file a gift tax return.
  • Likewise, each spouse must file a gift tax return if they have made a gift of property held by them as joint tenants or tenants by the entirety.
  • Only individuals are required to file gift tax returns. If a trust, estate, partnership, or corporation makes a gift, the individual beneficiaries, partners, or stockholders are considered donors and may be liable for the gift and GST taxes.
  • The donor is responsible for paying the gift tax. However, if the donor does not pay the tax, the person receiving the gift may have to pay the tax.
  • If a donor dies before filing a return, the donor's executor must file the return.

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