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 Tax Status Declaration Form Entity Guidance Notes RBS 2016

2016-2024 Form

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all right for this video we want to go through a sample form 709 which is Us gift and GST tax return and this is going to be for the 2023 tax year now in this scenario we're going to have a married couple that are going to file a 709 and elect to split gifts for the year so we've got the 709 which will go through we've also got the form instructions for 2023 and then we've also got one slide here just covering some background on the 709 gift splitting issues and then more details on the fact pattern so generally these 709s are filed by uh individuals so they're US citizens or us residents and they make taxable gifts during the year now the annual gift tax exclusion for 2023 is $177,000 per donor per recipient or recipient being the dony it goes up to 18,000 in 2024 and last year was 16k for 2022 now when we talk about gift splitting married couples need to remember that each person gets their own lifetime gift tax exemption so as of 2023 that was 12.92% gets their annual exclusion per

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