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Use Form 709 to report: Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes. Allocation of the lifetime GST exemption to property transferred during the transferors lifetime.
Who Must File. In general. If you are a citizen or resident of the United States, you must file a gift tax return (whether or not any tax is ultimately due) in the following situations. If you gave gifts to someone in 2023 totaling more than $17,000 (other than to your spouse), you probably must file Form 709.
IRS Form 706, also known as the United States Estate and Generation-Skipping Transfer Tax Return, is used to report the value of a deceased individuals estate for federal estate tax purposes. It includes information about the decedents assets, deductions, and beneficiaries.
A skip person is someone two or more generations younger than the transferor. Grandchildren and great-grandchildren are the most common skip persons.
The IRS can provide an account transcript for estate tax returns using Form 4506-T. The transcript will be mailed to the address of record. Note: The decision to audit a Form 706 is typically made six months after the filing date.

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File Form 706 for the estates of decedents who were either U.S. citizens or U.S. residents at the time of death. For estate tax purposes, a resident is someone who had a domicile in the United States at the time of death.
The tax is currently calculated at a flat rate of 40% (equal to the estate and gift tax rate) on transfers above the lifetime GST tax exemption amount ($13.61 million per individual in 2024). The exemption amount will grow each year based on inflation through 2025.

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