If you are a citizen or resident of the U.S. you will need to file the Form 709 the Gift Tax Return if any of the following apply to you:
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Gave gifts of more than $12,000 in the tax year other than to your spouse
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Gave a gift called future interest of any amount
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Each individual must file a separate tax return a husband and wife may not file a joint Gift Tax Return (709)
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In order to split gift with your spouse you will have to file a Form 709.
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Only individuals are required to file a Gift Tax Return; trust, estate, partnerships, and corporations that make a gift are not required, but the individuals of those entities may be required to file Form 709.
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If the only gifts were deductible as gifts to charities you do not need to file the Form 709.
Huey & Associates, P.C. can work with you to ensure that you file an accurate and timely gift tax return. Some of the services we offer with filing your Form 709 include:
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Computer software analysis of all returns to ensure math and common mistakes are avoided.
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We will do a tax analysis of your return and sit down with you for some tax planning for the next year.
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Provide you with an easy to use Organizer to gather your information together at the beginning of the year.
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Discuss the final results of the Tax Return and if needed file a Tax Extension for you.
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Discuss the effect, if any, on your personal 1040 Income Tax Return.
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Provide copies of your tax return for your records and electronic storage of a copy of your Tax Return for quick and easy access for future requests.
