About Form 708, United States Return of Tax for Gifts and Bequests Received From Covered Expatriates

Individual U.S. citizens and residents, domestic trusts, and foreign trusts use Form 708 to report and pay the covered gifts and covered bequests section 2801 tax on their receipt, either directly or indirectly, of certain gifts and bequests from covered expatriates.

Form 708 is also used to compute the section 2801 tax on a non-electing foreign trust that becomes a domestic trust, a non-electing foreign trust making an election to be treated as a domestic trust, and an electing foreign trust that receives one or more covered gifts or covered bequests.