IRS Form 709 (Gift Tax Return) Real Estate Property Gifts to Family - Step-by-Step Example

Поділитися
Вставка
  • Опубліковано 2 жов 2024
  • More Form 709 Tutorials:
    Simple Example for Cash Gifts 2023: • IRS Form 709 (Gift Tax...
    Gift of Publicly Traded Stock: • IRS Form 709 (Gift Tax...
    Section 529 Plan Contributions: • IRS Form 709 (Gift Tax...
    Charitable Contributions: • IRS Form 709 (Gift Tax...
    Split Gifts Married Couples: • IRS Form 709 (Gift Tax...
    Prior Period Gift Reconciliation: • IRS Form 709 (Gift Tax...
    The IRS Form 709 is filed by U.S. individuals to report taxable gifts made during the tax year.
    Gifting real estate property will be a reportable taxable gift if the value of the real estate exceeds the annual exclusion. If real property is gifted, the donor should obtain a qualified appraisal report to determine the fair market value (FMV) of the property. The appraisal report should be included with Form 709 as an exhibit.
    In this example, we look at a donor who gifted real estate property to her daughter. The donor obtained an appraisal report and reported the taxable gift on Form 709.
    For a larger database of tutorials, please visit our website and search for your question:
    knottlearning....
    DISCLAIMER: The information provided in this video may contain information about tax, financial, and legal topics. Such materials are for informational purposes only and may not reflect the most current developments. These informational materials are not intended and should not be taken as tax, financial, or legal advice. You should contact an advisor to discuss your specific facts and circumstances. Self-help services may not be permitted in all states or jurisdictions. The use of these materials does not create an attorney-client or confidential relationship. This video does not include information about every topic or issue related to these informational materials.
    #GiftTax #Form709 #RealEstateTax

КОМЕНТАРІ • 23

  • @jeannettekelbaugh3216
    @jeannettekelbaugh3216 12 днів тому +1

    Your videos are so helpful. Thank you!!!

  • @EngineerX___
    @EngineerX___ 3 місяці тому +2

    Can u please do a video where husband and wife gift property to there child, both own 50/50 =100%, gift splitting how to fill it out properly. 709

  • @suathao9215
    @suathao9215 3 місяці тому +1

    Thank you for the help!!!

    • @JasonDKnott
      @JasonDKnott  3 місяці тому

      You're welcome! Glad to hear the video was helpful.

  • @AnnM-kn4ic
    @AnnM-kn4ic 6 місяців тому

    Do you add the total gifts for one person and then apply the 17,000 exclusion? Or do you only include gifts over 17,000? Example, gave $15,000 in June and 30,000 in Sep to same person. Do you report 45,000 and take exclusion out of that or only report 30,000 and take exclusion out of that?

  • @Titanicman
    @Titanicman 2 місяці тому

    IRS Form 706 and Form 709: These forms are related to estate taxes and gifts. Sovereign citizens attempt to access fictitious lines of credit by claiming that the “strawman” is an estate going through probate, and they are the estate’s executor.

  • @rod_stroker
    @rod_stroker 4 місяці тому

    lf my wife and i are both on the deed and gift a 250k house to our daughter do i show 1/2 interest in the property (125k) on my 709 and 1/2 interest in the property (125k) on my wife's 709 ?

  • @curlygirlyac
    @curlygirlyac 3 місяці тому

    Can this only be done one time? We were told if my Father-In-Law gifted us now that we would have to pay taxes on whatever we get when he dies. Everything I’ve seen online seems to suggest that he can do it as many times as he wants, as long as he fills out this form and doesn’t go above the 13 million lifetime limit.

  • @shellytoke1175
    @shellytoke1175 5 місяців тому +2

    Thank you Jason for making this task "not" daunting! I really appreciate your help!

  • @pielee7429
    @pielee7429 Місяць тому

    How do you get the attached statement form

  • @AmesAsylum
    @AmesAsylum 3 місяці тому

    Does it get filled out differently if the gift is split?

  • @RoniCohen-z1z
    @RoniCohen-z1z 6 місяців тому +1

    Can form 709 be filed electronically?

    • @JasonDKnott
      @JasonDKnott  6 місяців тому

      As of 2024, the IRS does not support electronic filing for the Form 709 (Gift Tax Return) or the Form 706 (Estate Tax Return). They have to be paper filed with the appropriate IRS office.

  • @GaryTuggle-d5y
    @GaryTuggle-d5y 6 місяців тому

    Really appreciate this video - highly informative! I have a twist in this scenario in that I inherited my mother's house along with my sister and we gifted it to my daughter. We each have to file a 709 but how would we report the basis of the house, the FMV, etc, since we are siblings and not spouses jointly gifting real property?

  • @chain2560
    @chain2560 6 місяців тому

    Hi Jason, Thank you for the sharing. Question, do u create the separate from 709 details sheet for the Schedule A, let said if I have multiple gifts to the same person, but not enough space on the existing form?

  • @mikemahanay6182
    @mikemahanay6182 6 місяців тому

    Thanks for sharing this information. Been very helpful. My case is a little different as I sold house to daughter for under fmv. Cannot locate where to deduct sales price from value

  • @zhenyal5621
    @zhenyal5621 6 місяців тому

    Jason, This was very helpful and timely. Do you have one for gifting partnership interests?

  • @AmirTadros
    @AmirTadros 6 місяців тому +1

    Great Video

  • @papasmurfao1
    @papasmurfao1 6 місяців тому

    Thanks for the video, very helpful. Can you deduct the annual tax free gift limit of 17k "off the top" of the initial gift value of a gift? Ex: $100,000.00 gift = $83,000 reduction of lifetime gift exemption?