The Tennessee INH 300 form is the official state gift tax return used to report gifts made during a calendar year. This form must be filed if the total value of gifts exceeds the applicable exemption levels. It is essential for donors to complete this form accurately and submit it by the April 15 deadline following the year in which the gifts were made.
The Tennessee Inh 300 form serves as the State Gift Tax Return, which individuals must file if the total value of their gifts exceeds certain exemption levels during a calendar year. This form is crucial for documenting the transfer of various types of property, including real estate and personal assets, made by residents and non-residents of Tennessee. It includes essential information such as the donor's name, social security number, and the calendar year of the gifts. Additionally, the form allows donors to elect for a marital deduction for qualified terminable interest property, which can affect the overall tax liability. A section for spouse consent is also included, enabling couples to split gifts made to third parties, thereby potentially lowering their tax obligations. The form requires a detailed computation of the tax due, including classifying donees into Class A and Class B categories, and applying respective exemptions. If applicable, donors must also account for penalties and interest on any unpaid taxes. To ensure compliance, it is important to follow the instructions carefully and provide accurate valuations of all gifts. Overall, the Tennessee Inh 300 form is a vital document for managing gift tax responsibilities in the state.
Tennessee Ps 0376 - Questions about the application can be directed to the TRA’s contact number.
Completing the Virginia Homeschool Letter of Intent is crucial for families who wish to educate their children at home, as it serves to inform the local school division of their decision. By submitting this form, parents affirm their dedication to providing a comprehensive educational experience outside of conventional schooling. For more details on how to properly fill out this important document, you can visit homeschoolintent.com/editable-virginia-homeschool-letter-of-intent.
What Is a Notifiable Disease - This document is essential for maintaining comprehensive health records within the state.
What Disqualifies You From Unemployment in Tennessee - The total amount due must be calculated and clearly presented on the form.
Things to Do When Filling Out the Tennessee INH 300 Form:
Things Not to Do When Filling Out the Tennessee INH 300 Form:
The IRS Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return, is a federal document that serves a similar purpose to the Tennessee INH 300 form. Both forms require the reporting of gifts made during a calendar year, with the IRS form focusing on federal gift tax obligations. Like the INH 300, Form 709 requires details about the donor, the recipients, and the value of the gifts. Both forms also allow for exemptions and deductions, providing a structured way to calculate any tax owed on the gifts made.
In understanding the complexities of tax documents, it's essential to recognize how various forms, such as the Ohio IT 1040, also play a role in the reporting of gifts, paralleling the purpose of the INH 300. For landlords and tenants, navigating these forms can be critical. For further clarification on legal documentation relevant to real estate matters, you can refer to the Ohio PDF Forms, which provides important resources to assist in these processes.
The IRS Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, is another important document. While it primarily addresses estate taxes, it shares similarities with the INH 300 in that both forms require detailed reporting of assets transferred upon death. The INH 300 focuses on gifts made while the donor is alive, yet both forms necessitate accurate valuations and require the completion of various schedules to report gifts or estate assets properly.
The California Form 540, California Resident Income Tax Return, also has parallels with the INH 300. Although primarily an income tax form, it includes sections for reporting gifts, similar to the Tennessee form. Both forms emphasize the importance of accurate reporting to ensure compliance with state laws. The California form, like the INH 300, allows for deductions related to gifts, thereby impacting the overall tax liability.
The New York State Form IT-201, Resident Income Tax Return, is another document that shares similarities with the INH 300. This form requires New York residents to report their income and any taxable gifts made during the year. Like the Tennessee form, it includes provisions for exemptions and deductions, making it essential for taxpayers to understand their obligations regarding both income and gift taxes.
The Florida Form DR-501, Florida Gift Tax Return, is directly comparable to the INH 300. Both forms require reporting of gifts made during the calendar year and include similar sections for exemptions and deductions. The Florida form, like the Tennessee version, is essential for ensuring compliance with state gift tax laws, highlighting the importance of accurate reporting and timely submissions.
The Massachusetts Form 709, Massachusetts Gift Tax Return, is another similar document. It requires Massachusetts residents to report gifts made during the year, akin to the INH 300. Both forms involve calculating any gift tax due and allow for exemptions based on the relationship between the donor and the recipient. This similarity underscores the need for careful record-keeping and reporting to avoid potential penalties.
The Illinois Form 700, Illinois Gift Tax Return, also mirrors the INH 300 in its purpose and requirements. Both forms demand detailed reporting of gifts made within the calendar year, including the value of those gifts and the relationship between donor and donee. The Illinois form similarly provides for exemptions and deductions, reinforcing the importance of compliance with state tax regulations.
The Texas Gift Tax Return is another document that aligns with the INH 300. While Texas does not impose a state gift tax, the return serves as a way for residents to report gifts made. The structure and requirements of the Texas form share similarities with the Tennessee form, emphasizing the need for accurate reporting and documentation of gifts to ensure compliance with applicable laws.
The Virginia Form 770, Virginia Individual Income Tax Return, contains sections relevant to gifts that resonate with the INH 300. Although primarily focused on income tax, it requires reporting of any gifts made during the year, similar to the Tennessee form. Both forms allow for exemptions and deductions, showcasing the interconnectedness of gift and income tax reporting.
Finally, the Ohio IT 1040, Ohio Individual Income Tax Return, also has a connection to the INH 300. While it is an income tax return, it includes sections for reporting gifts made during the year. Both forms emphasize the importance of accurate reporting and compliance with state tax laws, reinforcing the necessity for taxpayers to be diligent in their financial reporting.
Filling out the Tennessee INH 300 form requires careful attention to detail to ensure accuracy. This form is essential for reporting any taxable gifts made during the calendar year. Follow these steps to complete the form correctly.
Filling out the Tennessee INH 300 form can be a straightforward process, but many people make common mistakes that can lead to delays or complications. Understanding these pitfalls is essential for ensuring a smooth filing experience.
One frequent error is neglecting to provide complete information about the donor. This includes the donor's full name, social security number, and address. Incomplete details can result in processing delays or even rejection of the return. Make sure every section is filled out accurately and clearly.
Another mistake involves miscalculating the total value of gifts made during the calendar year. It is crucial to include all gifts and ensure that the total exceeds the applicable exemption levels. Failure to report the correct amount can lead to unexpected tax liabilities or penalties.
Many individuals also overlook the importance of the "Consent of Spouse" section. If gifts are made by both spouses, this section must be filled out completely. Not doing so can prevent the election for gift splitting, which may lead to higher tax liabilities.
Additionally, people often forget to sign and date the return. An unsigned form is considered incomplete and will not be processed. Both the donor and the preparer must provide their signatures to validate the return.
Another common oversight is failing to attach necessary documentation. For example, if claiming a charitable deduction, include proof of the donation. Without the proper documentation, deductions may be disallowed, leading to increased tax obligations.
Finally, many filers do not check for updates to tax laws or filing requirements before submitting their forms. Tax regulations can change, and being unaware of these changes can result in errors. Always verify that you are using the most current version of the form and are aware of any new regulations that may apply.
INH 300
TENNESSEE DEPARTMENT OF REVENUE STATE GIFT TAX RETURN
AMENDED RETURN
____ ____ ____ - ____ ____ - ____ ____ ____ ____
CALENDAR YEAR OF GIFT
COUNTY
DONOR'S SOCIAL SECURITY NUMBER
NAME OF DONOR _______________________________________________________
The Tennessee Gift Tax is due April 15 of
the year following the calendar year in
STREET ADDRESS ______________________________________________________
which gifts were made.
Make your check payable to the Tennes-
CITY, STATE AND ZIP CODE ______________________________________________
see Department of Revenue for the amount
shown on Line 8 and mail to:
If Donor is deceased, check here
and enter date of death
________________
Tennessee Department of Revenue
Andrew Jackson State Office Building
TERMINABLE INTEREST MARITAL DEDUCTION
500 Deaderick Street
1.Do you elect, under the rules of 2523(f) I.R.C., to claim a marital deduction for
Nashville, Tennessee 37242
gifts of qualified terminable interest property (QTIP)? YES
NO
2.Is the gift a disposition of qualified terminable interest property (QTIP) under T.C.A.
For assistance, you may call in-state toll
§67-8-101(e)?
YES
free 1-800-342-1003 or (615) 253-0600.
CONSENT OF SPOUSE - GIFTS BY HUSBAND OR WIFE TO THIRD PARTIES
Do you consent to have the gifts by you and by your spouse to third parties during the calendar year considered as made one-half by
each of you?
If yes, consenting spouse must file return.
If the answer is "yes," complete Lines 1 through 3 and sign the consent line below:
1.
Name of spouse __________________________________ Spouse's social security number ________________________
2.
Were you married during the entire calendar year? YES
3.
If the answer to 2 is "NO," check whether
married,
divorced, or
widowed, and give date
___________________
Consent of spouse - I consent to have the gifts made by me and my spouse to third parties during the calendar year considered as made one-half by each of us. We are both aware of the joint and several liability for tax created by the execution of this consent.
Spouse's signature ___________________________________________________ Date ___________________________
Round to Nearest Whole Dollar
COMPUTATION OF TAX
Dollars
Cents
Total Class A Tax
00
Total Class B Tax
Total Tax (Add Lines 1 and 2)
4.
Deduct: Extension payment
5.
Net Tax Due (Line 3 minus Line 4)
6.
Penalty (5% for each 30-day period of delinquency not to exceed 25% of the tax due)
7.
Interest (
% per annum on any taxes unpaid by the due date)
8.
Total Amount Due (Add Lines 5, 6, and 7)
9.
Refund Due (Must complete and attach Report of Debts if claiming refund of $200 or more)
FOR OFFICE USE ONLY Acct. # ____________________
Date Rec'd ________________
Amt. Rec'd $ _______________
RV-R0001801
Under the penalties of perjury, I declare that I have examined this report, and to the best of my knowledge and belief, it is
true, correct and complete.
Donor's
signature __________________________________________ Date ______________
Preparer's
Address __________________________________________ Phone _____________
City/State _________________________________________ ZIP _______________
INTERNET (08-11)
INSTRUCTIONS
WHO MUST FILE A RETURN:
Provided that the total value of all gifts during the calendar year exceeds the applicable exemption levels, the State Gift Tax Return must be filed upon transfer by gift by any person of the following property or any interest therein:
(a)When the transfer is from a resident of this state:
(1)Real property situated in Tennessee.
(2)Tangible personal property, except that which is actually situated outside of Tennessee.
(3)All intangible personal property.
(b)When the transfer is from a nonresident of this state:
(2)Tangible personal property which is actually situated in Tennessee.
(c)Property in which a person holds a qualifying income interest for life, which is included for taxation pursuant to §67-8-101(e) Tennessee Code Annotated.
CLASSIFICATION OF DONEES:
CLASS A - Husband, wife, son, daughter, lineal ancestor, lineal descendant, brother, sister, son-in-law, daughter-in-law, or step- child. For purposes of the Gift Tax, a person who is related to the donor as a result of legal adoption shall be considered to have the same relationship as a natural lineal ancestor, lineal descendant, brother, sister, or step-child. If a person has no child or grandchild, a niece or nephew of such person and the issue of such niece or nephew shall be a class A donee, for transfers made on or after January 1, 1996.
CLASS B - Any other relative, person, association, or corporation not specifically designated in Class A.
EXEMPTIONS:
(a)There shall be allowed against the net gifts made during any calendar year a maximum single exemption of ten thousand dollars ($10,000) against that portion of the net gifts going to donees of class A, and maximum single exemption of five thousand dollars ($5,000) against that portion of the net gifts going to the donees of Class B.
(b)In the event the aggregate net gifts for any calendar year exceed the allowable maximum single exemptions, the tax shall be applicable only to the extent that the gifts, (other than gifts of future interest in property) to each donee exceed the following amounts:
CLASS A - Gifts made before 2002 - The sum of $10,000
CLASS A - Gifts made in 2002 through 2005 - The sum of $11,000 CLASS A - Gifts made in 2006 through 2008 - The sum of $12,000 CLASS A - Gifts made in 2009 and after - The sum of $13,000 CLASS B - The sum of $3,000
"Net gifts" mean that total amount of gifts made during any calendar year less allowable deductions.
IF THE TOTAL VALUE OF ALL GIFTS MADE BY A PERSON DURING ANY CALENDAR YEAR DOES NOT EXCEED THE EXEMPTION LEVELS, NO GIFT TAX RETURN IS REQUIRED OF SUCH PERSON, UNLESS CONSENTING TO SPLIT GIFTS.
Item
Date of
Gift
SCHEDULE A
Description of Gift - See Instructions
(Include Name of Each Donee)
Value of Gift
Commissioner
Appraisal
TOTAL
NOTE: To facilitate the Class A and B computations, the items listed above should be segregated into the following categories: (1) gifts to spouse, (2) gifts to Class A donees other than the spouse, (3) gifts to Class B donees, and (4) gifts to charity, public, and similar uses.
DONEES
Name
Address
Age
Relationship
SCHEDULE B
COMPUTATION OF TAXABLE GIFTS
(1)Total gifts of donor (from Schedule A) ..................................................................................................
(2)One-half of items ______ to ______ attributable to spouse ...............................................................
(3)Balance (Line 1 minus Line 2) .............................................................................................................
(4)Gifts of spouse to be included (from Line 2, Schedule B of spouse’s return) ....................................
(5)Total gifts (Line 3 plus Line 4) .............................................................................................................
(6)Deductions
(a)Total of items______ to ______ given to spouse .........................................................................
(b)Charitable, public and similar gifts .................................................................................................
(7)Total deductions [Line 6(a) plus Line 6(b)] ..........................................................................................
(8)Total gifts after deductions (Line 5 minus Line 7) ...............................................................................
(9)Total gifts to Class A donees ...............................................................................................................
(10)Total exclusions for the calendar year for each
Class A donee (except gifts of future interest) .....................................................................................
(11)Exemption: $10,000 less amount on Line 10 (if Line 10 is $10,000 or greater,
enter zero) Do not enter more than $10,000 on this line ..................................................................
(12)Total Class A exemptions (Line 10 plus Line 11) ...............................................................................
(13)Total taxable Class A gifts (Line 9 minus Line 12) ..............................................................................
(14)Total gifts to Class B donees (Line 8 minus Line 9) ...........................................................................
(15)Total exclusions not exceeding $3,000 for the calendar year
for each Class B donee (except gifts of future interest) .......................................................................
(16)Exemption: $5,000 less amount on Line 15 (if Line 15 is $5,000 or greater,
enter zero) Do not enter more than $5,000 on this line ....................................................................
(17)Total Class B exemptions (Line 15 plus Line 16) ...............................................................................
(18)Total taxable Class B gifts (Line 14 minus Line 17) ...........................................................................
(19)Total taxable gifts (Line 13 plus Line 18) .............................................................................................
________________________
1
2
3
4
5
6a
6b
7
8
9
10
11
12
13
14
15
16
17
18
19
SCHEDULE C
COMPUTATION OF TAX (For Gifts made after 1983)
(1) Class A taxable gifts from Schedule B, Line 13
AMOUNT
RATE
TAX
(a)First $40,000, or part thereof = _______________________________ X 5.5% = _________________________________
(b)Next $200,000, or part thereof = ______________________________ X 6.5% = _________________________________
(c)Next $200,000, or part thereof = ______________________________ X 7.5% = _________________________________
(d)Amount over $440,000 .. ____________________________________ X 9.5% = _________________________________
(e) Total Class A tax (Add lines a through d and transfer to Page 1, Line 1)
............... =
_________________________________
(2) Class B taxable gifts from Schedule B, Line 18
(a)First $50,000, or part thereof = _______________________________ X 6.5% = _________________________________
(b)Next $50,000, or part thereof = _______________________________ X 9.5% = _________________________________
(c)Next $50,000, or part thereof = _______________________________ X 12.0% = _________________________________
(d)Next $50,000, or part thereof = _______________________________ X 13.5% = _________________________________
(e)Amount over $200,000 .. ____________________________________ X 16.0% = _________________________________
(f) Total Class B tax (Add lines a through e and transfer to Page 1, Line 2)
= _________________________________
DEDUCTION:
(a)Marital Deductions - There shall be allowed as a deduction in computing taxable gifts for a calendar year an amount equal to the gift(s) made by a donor to his/her spouse, provided they were married to each other at the time such gift(s) were made, and further provided that the property so transferred is not either of the following:
(1)Characterized as being a terminable interest; however, see (QTIP) election below.
(2)An interest in unidentified assets.
(b)Election to Deduct Qualified Terminable Interests - You may elect to claim a marital deduction for qualified terminable property or property interests. The election is irrevocable. The effect of the election is that the property (interest) will be treated as passing to the spouse and will not be treated as a nondeductible terminable interest. All of the other martial deduction requirements must still be satisfied before you may make this election.
Qualified terminable interest property is property that: (1 ) passes from the donor; and
(2) in which the spouse has qualifying income interest for life.
The spouse has a qualifying income interest for life if the spouse is entitled to all of the income for the property payable annually or at more frequent intervals, and during the spouse’s lifetime no person has a power to appoint any part of the property to any person other than the spouse.
In order to claim this election, you must check “yes” in the appropriate box on the face of the return. On Schedule A, you should group the property interests for which you made the election separately and mark them “Qualified Terminable Interest Property.” (QTIP)
(c)Charitable Deduction - There shall be allowed as a deduction in computing taxable gifts for a calendar year those gifts transferred to the United States, the State of Tennessee, or to any political subdivision thereof, any public institution herein for exclusively public purpose, or any corporation, society, association or trust therein, or in a state which grants a like exemption to such institutions in Tennessee formed for charitable, educational, scientific, or religious purposes.
DATES AND VALUATION:
The valuation of all property, real and personal, shall be appraised at its full and true value as of the date of the making of the gift.
INFORMATION REQUIRED:
1.REAL ESTATE - describe and identify each parcel so that it may be readily located for inspection and valuation. If formal appraisals are accomplished, attach a copy of the appraisal to the tax return. For city properties, state the street and number, ward, subdivision, block and lot identification numbers or letters. For rural properties, state the township, range, landmarks, number of acres and the road or street name upon which the property is located. For all improved properties, include a short statement of the type and description of the improvement(s). State the gross monthly rental for all parcels of real estate that are rented. Attach a copy of the lease for all leased parcels.
2.STOCKS AND BONDS - the description of stocks should indicate the number of shares, whether common or preferred price per share, exact name of corporation and, if not listed on a stock exchange, the address of the principal business office. If stock is listed, state the principal stock exchange upon which sold. The description of bonds should include quantity and denomination, name of the obligor, kind of bond, date of maturity, interest rate, and interest due dates. State the exchange upon which the bonds are listed, or if unlisted, the principal business office address of the company or municipality.
3.NON-LISTED CORPORATIONS, PARTNERSHIPS, AND PROPRIETORSHIPS - attach copies of the balance sheets and income statements for the five full years ending nearest to the date of the gift. Also, attach a statement which sets forth the criteria considered and the valuation method used in determining the full and true value.
4.NOTES AND MORTGAGES RECEIVABLE - indicate the face value, unpaid balance, date of the note or mortgage, date of maturity, name of maker, interest rate, interest dates, and a brief description of the property mortgaged.
5.ARTISTIC OR INTRINSICALLY VALUABLE GIFTS - attach a copy of the expert appraisal of the gift items.
6.GIFTS TO A TRUST - attach a copy of the trust agreement or governing instrument.
7.PARTIAL CONSIDERATION GlFTS-where property is transferred for less than an adequate and full consideration in money or money’s worth, then the amount by which the value of the property exceeds the value of the consideration shall be deemed a gift, and shall be included in computing the amount of gifts made during the calendar year.
8.POWERS OF APPOINTMENT - the exercise or release of a power of appointment may constitute a gift by the individual possessing such a power. In any case where such action has been taken, see §67-8-101 (c) Tennessee Code Annotated.
9.ACTUARIAL VALUATION OF FUTURE AND LlMITED ESTATES - computation of the values of any future, contingent or limited estate, income interest, or annuity must be attached to the tax return. Under §67-8-107(b) Tennessee Code Annotated, such interest shall, so far as possible, be determined by the rule, method, and standard of mortality in use by the Internal Revenue Service at the time of the gift.
10.OTHER GIFTS - all other gifts should be fully described so that the value placed on the gift can be verified.
11.CONSENT OF SPOUSE - gifts made during the calendar year by the donor and spouse to third parties may be considered as being made one-half by each. This election can be made only if the donor and spouse are married at the time of the gift and do not remarry during the remainder of the year. The "Consent of Spouse" part of the gift tax return, even if Non-Taxable, must be completed in its
entirety, to perfect the election for gift splitting.