Estate Planning For The Long Run

Estate Planning For The Long Run

Gift Planning: IRS Releases Final Gift Tax Return

February 23, 2016

On Friday March 18, 2011, the IRS released the final version of Form 709 for 2010. The latest form accounts for some changes made by the Tax Relief, Unemployment Reinsurance Authorization, and Job Creation Act of 2010, which was enacted on December 17, 2010. The Act, in addition to gift tax, made changes to estate and other tax provisions.

Here are some of the notable changes:

  • Increased annual exclusion for gifts made to spouses that are not U.S. citizens to $134,000
  • Generation-skipping transfer (GST) tax rate of 0% for the year 2010
  • The unified credit for estate and gift tax is now $330,800

The form is due by April 18, 2011 for all gifts made during 2010. If the gift donor has since passed away, the executor for the donor must file the form by the earlier of the due date of the donor’s estate tax return, or April 18, 2011 (or the extension date of the gift tax return).

See the following sources for more information and for links to the form:

  1. Accounting Today – IRS Finalizes Gift Tax Return Form. https://www.accountingtoday.com/news/IRS-Finalizes-Gift-Tax-Return-Form-57718-1.html
  2. Journal of Accountancy – IRS Releases 2010 Gift Tax Return. https://www.journalofaccountancy.com/Web/20113955.htm