Reporting Covered Gifts and Bequests

Offshore Tax with HTJ.tax · May 7, 2026 · 1m

Section 2801 of the Internal Revenue Code doesn’t just impose tax—it also creates a dedicated reporting regime for U.S. recipients of transfers from covered expatriates.📄 1️⃣ The Key Filing: Form 708U.S. recipients must report covered gifts and bequests using:👉 Form 708This is the official return for:• Calculating §2801 tax • Reporting covered transfers received during the year📅 2️⃣ When Is It Filed?Form 708 is filed:• Annually • For the calendar year in which the transfer is received👉 Timing depends on:• When the recipient actually receives the property or distribution⚖️ 3️⃣ Who Is…