Still, filling out Form 709 can get complicated. This article will walk you through the process step-by step. It’ll also help you determine if you need to fill out a Form 709 in the first place.

Even if you have made a taxable gift, Form 709 isn't as big of a burden as many think. That's because unless you've made a huge gift, you won't have to pay any actual gift tax.

How to Fill Out Form 709 If you've figured out you must fill out a Form 709, follow the instructions below. First, complete the General Information section on part one of the form.

The AICPA has released some recommendations for practitioners concerning various issues that have arisen due to the postponement of the April 15 tax deadline for individuals.

This guide covers everything you need to know, including annual limits, lifetime exemptions, IRS Form 709 and how to avoid paying the gift tax altogether legally.

Form 709 will basically clarify to the IRS that the gift is not from one spouse (which would put them over the $13,000 amount), but from both spouses.

Why Form 709 isn't as bad as you'd think Even if you have made a taxable gift, Form 709 isn't as big of a burden as many think. That's because unless you've made a huge gift, you won't have to pay ...

For example, say you make a gift of $114,000 to someone this year. The first $14,000 is covered under the annual exclusion amount, leaving $100,000 remaining as a taxable gift.

The purpose of IRS Form 709 is to report gifts that are subject to gift and generation-skipping transfer taxes. That might sound ominous, but a number of favorable rules make the vast majority of ...