Form Instructions 706 North Carolina 2024-2025

Form Instructions 706 North Carolina: What You Should Know

Identifying information. A completed Form 709 or one of the replacement forms (i.e., CT-706/709 EXT and Form CT-406) is required. Date. This must be the last day of the calendar year for which the gift was made. Name of donor(s). The name of the person or persons who made the gift. All individuals listed on a statement of gifts made and paid to you or on a statement to the IRS. If the name has been altered or removed from either of the statements, it must be provided in another copy of the statement or attached to the report for the record. Source of income. All gifts are taxable unless the recipient has made a declaration of exemption (IRC § 2510(b)). All individuals listed on a statement to the IRS with source information, except for those individuals who received the gifts directly as a gift as described on a statement to the IRS, are required to disclose. Address. This statement must be filed with this Form 709. If not filed, the Form 709 will be considered to be filed in error. Date. This must be the last day of the current calendar year for which the gift was made. Identifying information. To prepare and file a Form 709, a donor must indicate the source of income for all gifts that are reported on Form 709 that have been given to you. The donor or the person making the gift must provide the source of income or the source of payment for each gift that is reported on a Form 709 reported on a calendar year basis. If it is not possible to determine the source of the income for the gifts, the contribution amount for an itemized contribution report under section 170(a) of the Code must be provided. For instructions on identifying source income, see “The Gift and Estate Tax” at the end of this section. It is generally not necessary to provide the address of a donor. Source identification (i.e., the source of income) forms are available from your state's department of revenue services. If you cannot obtain a copy of the form, you may have to fill out and send a written request to your state's department of revenue services for the appropriate Form 709 or replacement form. The form will be mailed, and you will receive a copy of the form with instructions. It is important during the gift tax return process to verify that all information is correct. Do not assume that the donor and the recipient are the same.

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