More Form 709 Tutorials:
Simple Example for Cash Gifts 2023:    • IRS Form 709 (Gift Tax Return)  Simp...  
Real Estate Gifts:    • IRS Form 709 (Gift Tax Return) Real E...  
Gift of Publicly Traded Stock:    • IRS Form 709 (Gift Tax Return) Public...  
Section 529 Plan Contributions:    • IRS Form 709 (Gift Tax Return) Colleg...  
Split Gifts Married Couples:    • IRS Form 709 (Gift Tax Return)  How ...  
Prior Period Gift Reconciliation:    • IRS Form 709 (Gift Tax Return)  Tuto...  

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 Floridabased 501(c)(3) public charitable organization.

For a larger database of tutorials, please visit our website and search for your question:
https://knottlearning.com/

DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Selfhelp services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorneyclient or confidential relationship. This video does not include information about every topic or issue related to these informational materials.

#GiftTax #Form709 #CharitableContribution