IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return
Individuals use Form 709 to report taxable gifts and certain generation-skipping transfers.
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About IRS Form 709
Form 709 is the United States Gift (and Generation-Skipping Transfer) Tax Return. Individuals file it to report gifts that exceed the annual exclusion, gifts of future interests, and certain transfers subject to the generation-skipping transfer tax.
Filing the return does not necessarily mean you owe gift tax. Most taxpayers apply part of their lifetime exclusion against reported gifts, so tax is often not due until cumulative taxable gifts exceed that amount. The return tracks the use of the exclusion over time.
The form also handles elections such as gift splitting between spouses and allocation of the generation-skipping transfer tax exemption. Because valuation and exclusion rules are detailed, follow the official instructions carefully or consult a tax professional.
Who needs to complete it
- Individuals who gave gifts to a single recipient above the annual exclusion amount.
- Married couples who elect to split gifts between spouses.
- People making transfers subject to the generation-skipping transfer tax.
- Donors of future interests, which generally must be reported regardless of amount.
How to fill out IRS Form 709
- 1Enter the donor's name, address, and taxpayer identification number.
- 2List each gift, including a description, the recipient, the date, and the value on the date of the gift.
- 3Separate gifts of present interests from gifts of future interests.
- 4Apply the annual exclusion to eligible gifts and calculate taxable gifts.
- 5Make any elections that apply, such as gift splitting with a spouse.
- 6Allocate the generation-skipping transfer tax exemption if relevant.
- 7Figure the tentative tax and apply the lifetime unified credit.
- 8Sign, date, and follow the official line-by-line instructions before filing by the deadline.
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Frequently asked questions
Do I owe tax just because I file Form 709?
Usually not. Most gifts are covered by the annual exclusion or your lifetime exclusion. The return often just tracks the amount of lifetime exclusion you have used.
What is gift splitting?
Married couples can elect to treat a gift made by one spouse as if each made half. This can allow more of a gift to fit within the annual exclusions, but both spouses must consent.
When is Form 709 due?
Form 709 is generally due on the same date as your individual income tax return for the year of the gift, including extensions. Check the current instructions for exact dates.