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  • Form 709 (rev. 12-1989). United States Gift (and Generation-skipping Transfer) Tax Return - Irs

Get Form 709 (rev. 12-1989). United States Gift (and Generation-skipping Transfer) Tax Return - Irs

Form 1. (Rev. December 1989). United States Gift (and Generation-Skipping ... E 9 If you received an extension of time to file this Form 709, check here Ei and .

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The generation-skipping tax (GST), also referred to as the generation-skipping transfer tax, prevents you from deliberately skipping your children in your estate plan in favor of younger generations to bypass potential estate taxes due upon your children's deaths.

For nonresidents not citizens of the U.S., transfers subject to gift tax include real and tangible personal property that is situated in the U.S. However, gifts of U.S.-situated intangible property are not subject to gift tax. See IRC § 2501(a)(2). Such intangibles include, for example, stock of U.S. corporations.

IRS Form 709 – Filing Requirements Generally, Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return is required if any of the following apply: An individual makes one or more gifts to any one person (other than his or her citizen spouse) that are more than the annual exclusion for the year.

The lifetime gift tax exemption is the amount of money or assets the government permits you to give away over the course of your lifetime without having to pay the federal gift tax. This limit is adjusted each year. For 2023, the lifetime gift tax exemption as $12.92 million.

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.

Generation-skipping tax ensures that the proper amount of estate tax is paid when a generation-skipping trust transfers assets among family members. Form 709 must be filed each year you make a taxable gift and included with your regular tax return.

The gift tax is a tax on the transfer of property by one individual to another while receiving nothing, or less than full value, in return. The tax applies whether or not the donor intends the transfer to be a gift. The gift tax applies to the transfer by gift of any type of property.

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.

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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
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
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:
1-877-389-0141
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