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IRS releases a draft Form 709 for 2010 gifts

The Internal Revenue Service has posted a draft version of the Form 709 United States Gift (and Generation-Skipping Transfer) Tax Return for gifts made during calendar year 2010. The draft is dated March 4, 2011, and can be seen here.

Since 2010 was, shall we say, an unusual year for gifts, it is helpful to see what the form may look like -- and not a moment too soon. The deadline for filing is April 15, 2011. While the deadline for filing a Form 706 federal estate tax return for decedents dying in 2010 was extended to September 19, 2011, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 did not extend the deadline for filing gift tax returns.

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