The Tax Relief Unemployment Insurance Reauthorization and Job Creation Act of 2010 ushered in new estate, gift and generation skipping transfer tax rules that apply to the 2010, 2011 and 2012 tax years. Because this new law was not enacted until December 17, 2010, the IRS is now in the process of updating Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, and Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, with regard to the laws that apply in 2010.
For the estates of decedents who died between January 1, 2010 and December 16, 2010, Form 706 won't be due until September 19, 2011, and for the estates of decedents who died between December 17, 2010 and December 31, 2010, Form 706 will be due nine months after the date of death. This leaves plenty of time for the IRS to update Form 706.
On the other hand, Form 709 is due on or before April 18, 2011 in order to report gifts that were made during the 2010 tax year. This leaves the IRS frantically working to revise Form 709 to comply with the 2010 gift tax rules, so expect the 2010 version of Form 709 and its instructions to be released by the end of January.
Update on March 15, 2011: 2010 Form 709 - Hot Off the Press!
Update on June 27, 2011: Finally, An Update on 2010 IRS Form 706, But Nothing New on IRS Form 8939
Well it is February 21, 2011 and still no sign of the Form 709. Any updates?
Actually no, the latest Form 709 that can be found is still for the 2009 tax year. Unbelievable, I know, and I have not been able to locate any updates.
Best regards,
Julie Ann Garber, Esq.
Your Guide to Wills & Estate Planning
email: wills.guide@about.com
http://wills.about.com
Where is the 2010 709???? It’s nearly the end of February.
It is March. How difficult is it to update form 709?
IRS draft 709 for 2010 is available – google search – very similar line wise – I am filling out 2009 copy and then will transfer to 2010 form when final
We spoke to our vendor for our tax software and they informed us the earliest they expect the release is April 2, 2011.
Recently heard that the expected release for 2010/2011 form 706 is mid-August.
The system of revaluing everything to the value on my husband’s date of death (can we say mostly step-downs?), making it impossible (illegal?) to simply go back to original receipts, paying for the revaluations (some of which are ridiculous, but they were certifiable “experts”), having to keep paying cpas and attorneys for their time to do all this and yet be told they really don’t know what to do because the forms and instructions haven’t been released is all amounting to psychological and financial abuse to a widow whose young husband died in 2010.
Is America really this cruel?