For the latest information about developments related to Form 709 and its instructions, such as legislation enacted after they were published, go to www.irs.gov/form709.
For Disclosure, Privacy Act, and Paperwork Reduction Act Notice, see later.
|For Gifts Made||Use Revision of
Form 709 Dated
|– – – – –||January 1, 1982||November 1981|
|December 31, 1981||January 1, 1987||January 1987|
|December 31, 1986||January 1, 1989||December 1988|
|December 31, 1988||January 1, 1990||December 1989|
|December 31, 1989||October 9, 1990||October 1990|
|October 8, 1990||January 1, 1992||November 1991|
|December 31, 1992||January 1, 1998||December 1996|
|December 31, 1997||– – – – –||*|
|* Use the corresponding annual form.|
The annual gift exclusion for 2015 remains at $14,000. See Annual Exclusion, later.
For gifts made to spouses who are not U.S. citizens, the annual exclusion has increased to $147,000. See Nonresidents not Citizens of the United States, later.
The top rate for gifts and generation-
skipping transfers remains at 40%. See Table for Computing Gift Tax.
The basic credit amount for 2015 is $2,117,800. See Table of Basic Exclusion and Credit Amounts.
The applicable exclusion amount consists of the basic exclusion amount ($5,430,000 in 2015) and, in the case of a surviving spouse, any unused exclusion amount of the last deceased spouse (who died after December 31, 2010). The executor of the predeceased spouse's estate must have elected on a timely and complete Form 706 to allow the donor to use the predeceased spouse's unused exclusion amount.
Final regulations regarding portability of the deceased spousal unused exclusion (DSUE) amount were published in the Federal Register on Tuesday, June 16, 2015. The final regulations are effective for dates of death and gifts on or after June 12, 2015. See Treasury Decision 9725, available at www.irs.gov/irb/2015-26_IRB/ar12.html.
On June 26, 2013, the United States Supreme Court held that Section 3 of the Defense of Marriage Act, which said that the terms “marriage” and “spouse” only apply to heterosexual couples, was unconstitutional. (United States v. Windsor, 570 U.S. 12 (2013)). The ruling impacts a number of federal laws, including those governing the reporting and collection of federal taxes. For federal tax purposes, the IRS recognizes same-sex marriages that are valid in the state where they were entered into, regardless of the married couple’s residence. See Rev. Rul. 2013-17, 2013-38 I.R.B. 201, available at www.irs.gov/pub/irs-irbs/irb13-38.pdf. If you believe the new law may affect your estate or gift tax liability or filing requirement, please continue to monitor IRS.gov for additional guidance on the application of Windsor.
The IRS is a proud partner with the National Center for Missing and Exploited Children. Photographs of missing children selected by the Center may appear in instructions on pages that would otherwise be blank. You can help bring these children home by looking at the photographs and calling 1-800-THE-LOST (1-800-843-5678) if you recognize a child.
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