Project Description

IRS released draft Form 709 – United States Gift (and Generation – Skipping Transfer) Tax Return with changes effective for 2013 tax year. Among the new items noted is an increase in annual exclusion up to $14,000, increase to $143,000 for gifts made to non-citizen spouses and changes to gift-splitting for same-sex couples. Since the ruling took effect in September 16, 2013, same-sex spouses, who were married in a state that recognizes same-sex marriages, will qualify for the gift tax deduction for the gifts made only after this day, regardless if they now reside in a state that doesn’t recognize their lawful marital status.

See PDF of the CheckPoint newsletter article here: Draft Gift Tax Return for 2013 Reflects New Items