Everything You Need to Know About IRS Form 709

What is Form 709?
Form 709 is the U.S. Gift and Generation-Skipping Transfer (GST) Tax Return. It is required when an individual makes gifts above the IRS annual exclusion limit ($18,000 per recipient for 2024) or transfers assets that may be subject to GST.

Who needs to file Form 709?

• Anyone giving gifts above the annual exclusion amount.
• Donors splitting gifts with a spouse.
• Individuals making gifts of future interests (e.g., trusts).
• Those allocating GST exemptions.

When is Form 709 due?

• The filing deadline is April 15 of the year following the gift.
• Extensions to October 15 are available if you also file for an income tax extension.

What information is required?

• Donor details and Social Security Number.
• Recipient information.
• Description and fair market value of the gift.
• Allocation of lifetime exemption and GST exemption.

Why is Form 709 important?

• Tracks gifts against the lifetime gift and estate tax exemption.
• Ensures compliance with IRS reporting rules.
• Helps manage estate planning and tax liability.