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  • 1998 Form 709. United States Gift (and Generation-skipping Transfer) Tax Return

Get 1998 Form 709. United States Gift (and Generation-skipping Transfer) Tax Return

Form (Section 6019 of the Internal Revenue Code) (For gifts made after December 31, 1997) Department of the Treasury Internal Revenue Service 709 United States Gift (and Generation-Skipping Transfer).

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Form 709 is available for download on the IRS website. This form is free to download and use when filing your tax return to report gift taxes and generation-skipping tax exemptions.

The average cost of tax preparation by CPAs by form Tax FormCost per FormAverage Hourly FeesForm 709 (Gift Tax)$421$178.29Form 1041 (Fiduciary)$576$172.66Form 1065 (Partnership)$733$177.29Form 990 (Exempt Organization)$735$171.4810 more rows

Gift tax returns are incredibly complicated. Many of the complications, and errors that are often made, are not obvious (as evidenced by how common some mistakes are). Also, many of the planning twists for gift tax returns pertain to items that are independent of the return itself.

The federal estate tax applies to the transfer of property at death. The gift tax applies to transfers made while a person is living. The generation-skipping transfer tax is an additional tax on a transfer of property that skips a generation. The United States has taxed the estates of decedents since 1916.

If you've given someone a gift worth more than $16,000 this year, you probably need to file IRS Form 709. This form can be complicated—especially for expats.

You may need to file a gift tax return If you make a taxable gift (one in excess of the annual exclusion), you are required to file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. The return is required even if you don't actually owe any gift tax because of the $12.06 million lifetime exemption.

The generation-skipping tax kicks in when someone gifts assets to a "skip person," either during their lifetime or after death. A skip person is someone two or more generations younger than the transferor. Grandchildren and great-grandchildren are the most common skip persons.

The IRS can impose penalties for not filing a gift tax return, even when no tax was due. Gifts above the annual gift tax exclusion amount of $16,000 made during the year generally must be reported on Form 709. The gifts might not be taxed, because of the lifetime gift tax exclusion.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
Content Takedown Policy
Bug Bounty Program
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
Industries
Forms in Spanish
Localized Forms
State-specific Forms
Forms Kit
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
+1 833 426 79 33
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232