709 Form

709 2024 Form: What You Should Know

Who Must Report the Gift on Form 709? Giver — If a gift of property or cash to a qualified heir is to be treated as a charitable, religious, or educational deduction, the giver must complete Form 709.  If you donate cash to a qualified heir or a qualified charity, you must apply the exclusion to that gift. If you donate property or cash to a charity, complete Form 708 and apply your exclusion to that gift. If the gift is more than 15,000 but less than 200,000 (a gift tax credit might reduce the exclusion amount), see Item 2: Examples of Donations of Property and 5) The total amount over 200,000 must be included on Form 709 (donations by trusts must be included on Form 709 and Form 708). You may be required to attach a copy of the Form 709 to the form you will complete to report other gifts. You may have to make the correction to your tax return if you have made an error or omissions related to your gift (see below).  Note: An application form, Form 709, might appear on your payment record. However, if you receive the completed Form 709 from your givers (or you use a payment receipt, Form 1099-B, that indicates the number of Form 709), you don't apply the exclusion. You must complete the gift tax return, Form 709. For more information, see Gifts Generally. How Do I Report the Generation-Skipping Transfer Tax (GST), Form 706?  A donor cannot provide “free” gift of property. For example, a donor may give a family trust another family trust if the two trusts are to have the same beneficiaries. If a donor gives a trust free of any condition, the donor will apply the exclusion to the gift. Donors do not pay the gift tax until the donor files their federal income tax return on G-8013R. If a return is filed within the 30 business day period following the receipt of gift, the donor may claim the exclusion for the given year, or the giver's lifetime allowance (i.e., the amount included in income). There is no exclusion period for gifts under 15,000.

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