What is a 709 tax form?

Use Form 709 to report: Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes. Allocation of the lifetime GST exemption to property transferred during the transferor's lifetime.

Do I need to file Form 709?

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 in 2020 totaling more than $15,000 (other than to your spouse), you probably must file Form 709.

Do you have to report gift money to IRS?

WASHINGTON -- If you give any one person gifts valued at more than $10,000 in a year, it is necessary to report the total gift to the Internal Revenue Service. You may even have to pay tax on the gift. The person who receives your gift does not have to report the gift to the IRS or pay gift or income tax on its value.

What happens if you don't file a gift tax return?

If you fail to file the gift tax return, you'll be assessed a gift tax penalty of 5 percent per month of the tax due, up to a limit of 25 percent. If your filing is more than 60 days late (including an extension), you'll face a minimum additional tax of at least $205 or 100 percent of the tax due, whichever is less.

Can Form 709 be filed electronically?

You cannot e-file Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return. The Instructions for Form 709 directs you to mail it to the applicable address listed below. Prior to January 1, 2019, file Form 709 at the following address.

How do I extend my Form 709?

Use Form 8892 to: To request an automatic 6-month extension of time to file Form 709, when you are not applying for an extension of time to file your individual income tax return using Form 4868, Application for Automatic Extension of Time To File U.S. Individual Income Tax Return.

Are gift tax returns extended?

With the continuous changes in the tax filing deadlines due to COVID-19, the IRS has just announced another automatic extension. Any Federal Gift and Generation-Skipping Transfer Tax Returns which would normally be due April 15, 2020, will now be automatically extended until July 15, 2020.

What happens if you forget to file Form 709?

eyeballjames There is no penalty for late filing a gift tax return (Form 709) if no tax is due. The reference to a "minimum penalty" for failure to file applies to income tax returns (Section 61), not gift tax returns, which are addressed in Section 2501.

Who Must File Form 709?

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 in 2019 totaling more than $15,000 (other than to your spouse), you probably must file Form 709.

Are gift tax returns automatically extended with 1040?

There are two ways to request an extension for Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return: Any extension of time granted for filing your individual federal income tax return will also automatically extend the time to file your federal gift tax return.

Get 2012 Form 709

Q: What happens if you don&#039;t file a gift tax return?

If you fail to file the gift tax return, you&#039;ll be assessed a gift tax penalty of 5 percent per month of the tax due, up to a limit of 25 percent. If your filing is more than 60 days late (including an extension), you&#039;ll face a minimum additional tax of at least $205 or 100 percent of the tax due, whichever is less.

DRAFT AS OF July 17 2014 Section references are to the Internal Revenue Code unless otherwise noted. Future Developments For the latest information about developments related to Form 709 and its instructions such as legislation enacted after they were published go to www.irs.gov/form709. Photographs of Missing Children The IRS is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected .

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