Gifts of digital assets on Form 709
Form 709 must be used to report gifts of digital assets when those transfers meet the criteria for gift tax or generation-skipping transfer tax reporting.
Gift splitting between spouses on Form 709
Gift splitting allows spouses to treat gifts made to third parties during a calendar year as if one-half were made by each spouse. When this election is used, Form 709 must be filed to document the election and report each spouse’s share of the gifts, even if no gift tax is due.
Schedule D explained: generation-skipping transfer tax
Schedule D is used to report generation-skipping transfers and to compute generation-skipping transfer tax and exemption allocations on Form 709. This schedule applies when gifts are made to skip persons or to trusts that fall under generation-skipping transfer tax rules.
Schedule C explained: deceased spousal unused exclusion (DSUE)
Schedule C is used to report and apply a deceased spousal unused exclusion amount on Form 709. This schedule documents exclusion amounts received from a predeceased spouse and shows how those amounts are applied to current or prior lifetime gifts under federal portability rules.
Schedule B explained: gifts from prior periods
Schedule B is used to report taxable gifts made in prior years when the donor has previously filed Form 709. This schedule ensures that lifetime gift totals and previously applied credits are carried forward correctly into the current year’s gift tax computation.
Schedule A explained: reporting gifts on Form 709
Schedule A is the core reporting section of Form 709 where all reportable gifts made during the calendar year are listed and classified. Every gift that triggers Form 709 reporting appears on Schedule A before exclusions, deductions, and tax calculations are applied.
Form 709 structure explained
Form 709 is structured as a main return with multiple interconnected schedules. Each part of the form has a specific reporting role, and understanding how these sections fit together is essential for correctly reporting gifts, applying exclusions, and completing tax computations.
How to request an extension for Form 709
An extension of time to file Form 709 allows the donor additional time to submit the completed return but does not extend the deadline to pay any gift or generation-skipping transfer tax owed. Extension rules for Form 709 are directly tied to the individual income tax return filing process.
Form 709 filing deadline
Form 709 is filed on a calendar-year basis and follows the same general due date as the individual income tax return. The deadline is determined by federal filing rules and applies regardless of whether any gift tax is ultimately owed.
How to file Form 709
Form 709 is filed to report taxable gifts and certain generation-skipping transfers made during a calendar year.