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Wake North Carolina online Form Instructions 709: What You Should Know
Form 709 — Gift Taxes — How To File & Pay The instructions for Form 709 explain many of the procedures for filing and paying a gift tax return. Form 709 — Gift Taxes How Much Am I Taxing? The gift tax exemption for gifts to individuals is 14,000; if you are married filing jointly, married filing separately, or surviving a decedent who has left property to you or someone else, that exemption is increased if you were married at the time of the transfer; and it is diminished by the greatest of the taxable exclusion or the fair market value of the gift at the time of the transfer. North Carolina Department of Revenue Home Form 709 — Gift Taxes What is a “gift for life”? The gift tax exclusion for any transfer (other than a lifetime sale) is 14,000 (24,000 for a gift to a decedent). A lifetime gift tax exclusion, which is less than 14,000 per individual, is 4,000 (6,000 for a gift to a surviving spouse). If you were married at the time of the transfer of property, that exclusion is doubled (to 8,000). Example of the Gift Tax Exemption For Life: Mary sells her house to George for 8,300 in 2017. At the deadline, George had paid 3,000 and had 4,300 in taxable estate income. His adjusted gross income is: 2025 Taxable Estate. Actual Estate, 3,000 Married Filing Jointly, 12,050.00 Married Filing Separately, 3,050.00 Total, 45,250.00 The estate tax exemption (including the “gift for life” provision) for the 2025 year is 14,000 (assuming Mary's actual estate is 12,050): 12,050+ 3,000= 14,000 For the 2025 and 2025 year, the taxable exclusion is 24,000 (assuming a 12,150 exemption): 2016 Taxable Estate Actual Estate, 3,000 Married Filing Jointly, 8,300 Married Filing Separately, 3,150.00 Total, 45,425.
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