Generation Skipping Transfer Tax Templates
The Generation Skipping Transfer Tax, also known as GSTT or Generation Skipping Transfer Taxes, is a tax imposed by the United States and other countries on transfers of property that "skip" a generation or jump over beneficiaries who are directly in line to inherit from the transferor. This tax is designed to prevent individuals from avoiding transfer taxes by leaving assets to grandchildren or other younger beneficiaries.
The Generation Skipping Transfer Tax has a set of complex rules and regulations that must be followed when filing tax returns and reporting transfers subject to this tax. Failure to comply with these rules may result in penalties and additional taxes owed.
Some documents that may be associated with the Generation Skipping Transfer Tax include instructions for IRS Form 706-GS (T) Generation-Skipping Transfer Tax Return for Terminations, IRS Form 709 United States Gift (And Generation-Skipping Transfer) Tax Return, IRS Form 706 United States Estate (And Generation-Skipping Transfer) Tax Return, and instructions for IRS Form 709 United States Gift (And Generation-Skipping Transfer) Tax Return. Additionally, there may be state-specific forms such as Form M-68 Application for Extension of Time to File Hawaii Estate Tax Return or Hawaii Generation-Skipping Transfer Tax Return and/or Pay Hawaii Estate (And Generation-Skipping Transfer) Taxes.
Understanding and navigating the Generation Skipping Transfer Tax can be complex and challenging. It is important to consult with a qualified tax professional or attorney who is knowledgeable in this area to ensure compliance with the tax laws and to minimize potential tax liabilities.
Documents:
27
This is a formal statement prepared and submitted by estate administrators to calculate the estate tax liability of the person that recently died.
PDF 
Word
This Form is used for reporting and paying the generation-skipping transfer tax when there is a termination of a trust.
This form is used for reporting and paying the generation-skipping transfer tax on distributions from certain trusts.
This is a formal document used by taxpayers to outline asset transfers that are considered gifts and are subject to tax.
This is a fiscal document generally used by taxpayers in order to request six months of extra time to file IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.
