Common questions about Form 709 (Gift Tax Return) in ProConnect Tax

What's new for tax year 2024:

• Part I, General Information of Form 709 has been reorganized and the address includes foreign address entries.
• Schedule A. Columns for Parts 1, 2 and 3 of Schedule A were reorganized. New columns (k), (l) and (m) with checkbox on parts 1 and 3 was added to identify if gift is a charitable gift, deductible gift to spouse, or 2652(a)(3) election.
• New Form 709-NA. If you are a nonresident not a citizen of the United States and made gifts of tangible property situated in the United States, file Form 709-NA, United States Gift (and Generation-Skipping Transfer) Tax Return of Nonresident Not a Citizen of the United States.
• The annual gift exclusion for 2024 is $18,000.
• The basic credit amount for 2024 is $5,389,800.
• The applicable exclusion amount consists of the basic exclusion amount ($13,610,000 in 2024) 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.

Gift Tax (Form 709) Frequently Asked Questions:

1. Where do I enter my Firm Information and Preparer Information?
   • This will have to be entered on each return under the Client Information screen.
2. How do I generate Form 709?
   • See Generate Form 709 – Gift Tax Return.