
Form 706GST Rev January Generation Skipping Transfer Tax Return for Terminations
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People also ask
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Who is responsible for payment of the GST tax for a direct skip transfer?
The GST tax is paid by the grantor if using the direct generation skip strategy, or the beneficiary if using the generation-skipping transfer strategy. Keep in mind that the tax only applies to assets above the lifetime exemption amount ($13.61 million per individual in 2024/$13.99 per individual in 2025).
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How to report generation-skipping tax?
Use Form 709 to report: Transfers subject to the federal gift and certain generation-skipping transfer (GST) taxes.
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What is a taxable termination of generation-skipping tax?
A taxable termination is the conclusion of an interest in property held in trust unless: Immediately after the termination, a non-skip person has an interest in the property, or. At no time after the termination may a distribution be made from the trust to a skip person.
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What is a direct skip for GST purposes?
1. DIRECT SKIPS. Direct skips are usually easy to recognize. If I gift to someone related to me, two generations down or more, my gift is subject to GST tax if I have no more of my coupon remaining to allocate.
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Who is the party responsible for payment of the GST tax?
The generation-skipping transfer tax is paid by either the grantor or the skipped beneficiary depending on how the bequest is structured. The grantor pays the direct generation-skipping tax, while an indirect generation-skipping tax is paid by the skipped beneficiary. The former is the most common scenario.
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Who is subject to GST?
The generation-skipping transfer (GST) tax is imposed on transfers to grandchildren and more remote descendants that exceed the exemption limits so transferors cannot avoid transfer taxes on the next generation by "skipping" a generation.
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Is a nephew a skip person for GST?
A skip person is someone two or more generations younger than the transferor. Grandchildren and great-grandchildren are the most common skip persons. However, other close relatives, such as great-nieces and nephews, can also qualify.
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What triggers generation-skipping transfer tax?
The generation-skipping transfer tax (GSTT) is a federal tax that results when there is a transfer of property by gift or inheritance to a beneficiary (other than a spouse) who is at least 37½ years younger than the donor.
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