2015 Instructions for Form 709 - Internal Revenue Service-2026

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  1. Click ‘Get Form’ to open the 2015 Instructions for Form 709 in the editor.
  2. Begin by reviewing the introductory section, which outlines the purpose of Form 709 and its relevance for gift tax reporting.
  3. Proceed to fill out your personal information in the designated fields, including your name, address, and Social Security number.
  4. Carefully complete Part 1, which details the gifts made during the year. Ensure you list each gift accurately along with its fair market value.
  5. In Part 2, calculate any applicable exclusions and deductions. This section is crucial for determining your taxable gifts.
  6. Review Part 3 for any additional information required regarding prior gifts or other relevant details that may affect your filing.
  7. Finally, ensure all sections are completed accurately before saving or printing your form directly from our platform.

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Gift tax and income tax are two different things, therefore the gift tax return (Form 709) is entirely separate from and unrelated to your income tax return (Form 1040). You can handle one on your own even if you hire someone to do the other.
The annual Gift Tax exclusion for 2014 and 2015 is $14,000.00 per person per year. This means that you can give $14,000.00 per year to your children and relatives and unrelated persons, and you do not have to file a Gift Tax Return.
If you are a US citizen or green card holder and you give large gifts to family, friends, or others, you may be required to file Form 709. This form is used to report gifts that exceed the annual exclusion limit, and it also covers generation skipping transfers.
Generally, you must file the Form 709 no earlier than January 1, but not later than April 15, of the year after the gift was made. If April 15 falls on a Saturday, Sunday, or legal holiday, Form 709 is due on the next business day.
The IRS will start accepting Form 709 - Gift Tax Return in June of 2025. This will be available to electronically file in our system beginning in Tax Year 2025. Any returns that need filed for Tax year 2024, will need to be paper filed.

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People also ask

But if you dont file your gift tax return on time, you could be penalized up to 100% of the tax amount. The IRS requires that you file Form 709, which is the tool the IRS uses to track lifetime gifting.
Do gifts need to be reported to IRS? If a gift exceeds the annual exclusion amount for the tax year ($19,000 for 2025), then yes, but only by the person giving the gift. The giver needs to file a Gift Tax Return, Form 709, if they made a gift to another person thats more than the annual limit.

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