IRS Form 709 (Gift Tax Return) Example Reporting for Charitable Contributions - Step-by-Step Guide
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- čas přidán 22. 08. 2024
- More Form 709 Tutorials:
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The IRS Form 709 is filed by U.S. individuals to report taxable gifts made during the tax year.
In general, charitable donations made by a U.S. individual are not required to be reported on a Form 709 gift tax return. However, if a person makes other taxable gifts that require reporting on Form 709, the individual must also include any charitable donations made during the year.
Under IRC Sections 2522 and 2055, the individual is allowed an unlimited gift tax deduction for those items. In this example, we look at a taxpayer who gifts cash of $25,000 to her daughter and donates $7,000 of cash to a Florida-based 501(c)(3) public charitable organization.
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Thanks Jason! Your videos concerning Form 709 are fantastic!
Glad you like them!
Great job! Thanks for making such a clear and concise video.
Glad it was helpful. Thanks for the support!
Thank you!
The reason Jane even has to pay taxes on gifts is because her gift to Sarah exceeds 17k allowance for 2023. Had she given Sarah just 17k in 2023 as a gift, Jane could have avoided filing Form 709 altogether. Therefore avoiding the gift tax altogether.
Thanks for these videos! If she used the standard deduction on her 1040 would the charitable contribution need to be enter onto form 709?
No. Unless she made a taxable gift to someone that exceed the 2023 annual gift exclusion or to any non charitable organizations.