I cannot thank you enough for posting this video on how to fill out the IRS Form 709 and providing a link to the actual form you are using. I have reviewed forms, clicked on links and read a lot of information provided by the IRS website, talked with various accountants, paid extra while trying to do my taxes using online services, emailed and spoke to accountants, did many, many searches and spent hours trying to figure out what I need to do to make sure I'm being accountable in reporting my financial situation correctly to the IRS. My ex-husband and very good friend passed away and was kind enough to make me the beneficiary of his life insurance to share with our two children. I was bewildered as to what I needed to do if anything to report the gifts I gave to our two children until I watched your video this evening. You are a shining star and made something that seemed so complicated and difficult super easy to understand and work with. Thank you... thank you.... thank you!!!
@pdftax8031 Жыл бұрын
You are very welcome.
@robertjohnson50534 ай бұрын
OMG! I've been trying to fill that out for my mother for a week and I was stuck. The IRS instructions suck. You made it so simple! I was pulling my hare out due to one small mistake that I made that I could not find. I found it while watching your video. Even though it's ab out 5 years old, it still works and applies! Thanks!
@markwillenbring6875 Жыл бұрын
Thank you!!!! This form is soo confusing. After hours of struggle I stumbled on your site. Excellent. I will have to rewatch a few times for this to sink in. You are a life saver.
@pdftax8031 Жыл бұрын
Glad it was helpful!
@bobmeyer5123 Жыл бұрын
Thank you. After looking at probably a dozen sites, this is the first one that made clear where the lifetime exemption information gets entered! Everthing else just said, basically, "enter the lifetime exemption."
@jimcarter72207 ай бұрын
Exceptionally good presentation. I just had to go back to IRS's 2020 Instructions for the 709 and figure out the amounts. It was a bit of a hassle, but confirmed everything in your video. Good job! Thank you.
@user-cs2lf9mz6y Жыл бұрын
Thank you so much! It is so helpful. I was scratching my head, and then found out your step by step video that save my life.
@pdftax8031 Жыл бұрын
Glad it helped!
@randyreynaldo8401 Жыл бұрын
Thanks for this! I had to complete this form for a straight cash gift that exceeded the exclusion threshold, so this is exactly what I needed! I actually figured it out (finally) after a lot of research and figuring out, but this helped confirm my effort!
@pdftax8031 Жыл бұрын
Thanks.
@thearydodson1214 Жыл бұрын
Thank you for a great how-to video on completing Form 709! I appreciated your explanation of Part 2, line 7, the Lifetime Credit.
@josea10172 жыл бұрын
This was a wonderful explanation of form 709 and am tickled you supplied the info!
@alanlevine9722 Жыл бұрын
Thank you. This is the second year I have used your video and software. It is very helpful.
@themaangol84964 ай бұрын
You're a life saver!! I kept putting this on off, but a little research goes a long way 💌
@debcabarloc3317 ай бұрын
Thank you for taking the time to help us!!
@estamodian69582 жыл бұрын
One additional question for which I'd really appreciate an explanation is why the basic individual exclusion amount of $11,700,000. isn't used on line 7 (or entered anywhere on the form at all), but instead, the IRS instructs donors to enter the applicable credit amount of $4,625,800., which seems random, considering it doesn't relate to the lifetime exclusion figure. Thank you, again ~ your guidance and insights are truly appreciated!
@pdftax80312 жыл бұрын
If you compute the tax on $11,700,000 it comes to $4,625,800. So, they're really both the same thing, one is expressed as an exclusion, and the other is the exclusion expressed as a credit.
@ogrumblee237 ай бұрын
Hey thanks for the video. Hopefully you’re still there. I was wondering what does work with the manual refund? I was planning on calling IRS to see if previous year returns had to be done before filling this one or “prior year”. Which are provided for manual refund online but the question is did you do an attachment statement? I’m going to watch the video couple more times regarding the part two gift. Direct tax, which I’m guessing comes from the table? And last thing and there is a little bit of information mentioned and instructions but I’m doing this as taxpayer do you have an idea for the outright to me? Didn’t want to go grill down parent to file POA to fill hers or his out with me being son and or to her grandkid with other donations. Thanks hope you see this one.. if you had an email that would be great notifications on here from comments are hectic to stay on!
@rokemafnas3448 ай бұрын
This is FANTASTIC!!!! Have you made one for the 706 form?
@janh4250 Жыл бұрын
Another HUGE THANK YOU!!! You make a head spinning complicated form EASY!!! You are a sanity saver!!!:)
@redboy68896 ай бұрын
Do we file this online ? Or should this only be mailed ? Do we get any confirmation after filing it ?
@rickr31562 жыл бұрын
Nice form. Well done. One thing you don't mention in the video is the form says "This is the trial version. Click here to get the full calc version." And of course, clicking asks for a payment for the form of $325! I kind of expected a payment being required, but think this is excessive for a single form for a single person. Great for a tax consultant or person who does taxes for a living, but not for a single person. Just my $0.02.
@pdftax80312 жыл бұрын
If you're a CPA firm and you have 10 clients that need the form your cost is $32.50 per form. But you're right, for an individual filing just one form the math doesn't come out quite as well.
@objectivexm25072 жыл бұрын
Thank you so much for making the tax computation clear. The instructions have me frustrated and confused.
@alexrabkin3003 Жыл бұрын
Thank you! The only thing is unclear what does this "tax" amount ($1,9 million) after all tax computations mean? Is it what we have to really pay, or this amount goes against lifetime threshold of $12.9 for the year of 2023?
@minusean72032 жыл бұрын
John, Thanks for the very detailed explanation for form 709. Would you be able to post with an example of real estate property with how the cost basis and the gift value at the transfr date to be showed in form 709. Also if the propert is a split property between husband and wife. Thansk in advance.
@robertpanciera28184 ай бұрын
Thank you! Video is extremely helpful and time saving.
@estamodian69582 жыл бұрын
Thank you for providing this guide! We gave our daughter and son in law a gift of cash in 2021, that exceeded each of our annual exclusionary amounts, but is way way below the lifetime limit (to help them buy their house). We are filling out two gift tax forms, one for myself and one for my husband, as we are both consenting to split the gift. I believe I have figured out how to compute the tax and apply the applicable credit which nets a '0' balance on line 15 and, as there are no generation-skipping transfer taxes, a '0' balance on line 17, as well. Lines 18,19 and 20 are N/A. Would I simply stop at the 0 amount entered on line 17? Thanks very much.
@pdftax80312 жыл бұрын
Yes correct, although it wouldn't hurt to put 0's on 18, 19, and 20.
@zimmerman6302 ай бұрын
If donors are married and gift splitting, I understand both must file gift tax returns separately. However, for the annual exclusion, will both forms be the combined exclusion of $36000 ($18k exclusion each for tax year 2024) Or just one of $18k on each individual form?
@JerryScot4 ай бұрын
Thank you. I have two donee's. At the bottom of Schedule A it says "(If more space is needed, attach additional statements.)". Do I fill out a separate Schedule A's for each donee? How would I calculate multiple donees in Part 4 Taxable Gift Reconciliation? Attach? Staple or paperclip?
@dttrandom Жыл бұрын
Thank you for this walk through. Very helpful.
@siddhipatel338011 ай бұрын
I have a question. If husband and wife are gift splitting all the gifts, and husband also made a gift to wife, then on Line 4 of Taxable Gift Reconciliation, do we put the whole amount that the husband gave to the wife, or do we put the half of it since they are splitting? And what is the difference between Line 4 and Line 5 of the Taxable Gift Reconciliation table?
@backupprogram5577 Жыл бұрын
Thank you for the video and the form. I was wondering, if a non US citizen and nonresident of US gifts say (as an example) US $70K to her child (money being transferred from outside of US to a bank in US of the child) who is an adult US citizen, will the donor still need to file form 709, and if she has to file it, then does she get the annual exclusion and life time credit?
@mrbigcat9Ай бұрын
Can I gift my friend the max for that tax year for the next 20 years with out filing a IRS Form 709 (Gift Tax Return)?
@siddhipatel338011 ай бұрын
If the husband plans to give the university the remainder interest in their house after he and his wife dies, then do we count that as a charitable deductions under Part 4 (Taxable gift reconciliation)?
@souravjain3752 жыл бұрын
Really informative video. Thanks John!!
@markhoffmann2835 Жыл бұрын
Do dual citizens of the USA and another country simple enter "USA" on Part 1, line 7, or list both citizenships? Thanks.
@Knightviper7775 ай бұрын
Thank you for the informaiton, it helped out a lot
@fcancre5 ай бұрын
Hi, this tool looks great. Do you know if there is a way to use it on a ChromeBook? I installed the Adobe Acrobat Reader app but it does not seem to compute?
@jimc5696 Жыл бұрын
my widowed mother gave 4 equal gifts to her four children in 2022 that exceeded the annual exclusion amounts... our tax professional is asking for her children's (gift recipient) names, address, and SSN. I dont see SSN used anywhere in your video - is that something new for 2022 or is it not necessary to include SSN? Thanks!
@margaretwood61195 ай бұрын
I need an example of a GST gift/non trust - how to complete rest of forms. IRS is not clear.
@ayaka53702 жыл бұрын
Thanks for the informative tutorial! Helped a lot :)
@Bbgirlbajolaluna Жыл бұрын
Is a non resident someone NOT living in the USA at the time if gift?
@hunterssze Жыл бұрын
hi, do you have an example of how to do gift tax on house for giving to son from both parent?
@yaskyme3064 Жыл бұрын
If gifts are given to more than one child though the year, do you use multiple Schedule A's (one per donee) or a separate Form 709 per donee?
@gaynellwest57386 ай бұрын
What if you gave all three of your children a home in 2023. Each house was free and clear. Do you do this form the same and do you fill out a separate form for each one?
@pdftax80316 ай бұрын
Just one form 709 for each year you give a gift.
@kurpal8904 Жыл бұрын
My father transfer me for the first time in stocks, will this be easy to complete this form?
@LisaAHill7 ай бұрын
it is asking for a code to get full calculations.
@dinadesai5861 Жыл бұрын
Thanks. How do I fill out 709 for Irrevocable trust?
@mediawow6917 Жыл бұрын
Thumbs up and much appreciated!
@mdeliam39 Жыл бұрын
In 2019 Sam gave his son 10 million. Is that after the yearly $15,000 annual deduction for 2019? That has me confused. Thank you for your kindness in creating this video.
@pdftax8031 Жыл бұрын
On the form the 15K is subtracted from the 10 milion.
@mdeliam39 Жыл бұрын
Thankyou!
@user-ot6jx5ot9s Жыл бұрын
Great video - thanks for providing this. I gave my son cash every month. Can I just enter that once on Schedule A and put the date as various, or do I need to have 12 entries. If I need 12 entries do I need to put his name, address, relationship and type for each entry? Thanks again, Mike
@pdftax8031 Жыл бұрын
Just one should be fine.
@vickihowarth20092 жыл бұрын
Thank you for this form sample. Do you have one showing a married couple gifting their residence to a child? When gifting property do we need to have an appraisal done or is a current market analysis from a real estate company enough proof of current real market value? Another option would be to use the current year property tax value but not sure which would be the appropriate choice. Appraisals cost above 1,000 so would like to avoid that expense if possible.
@pdftax80312 жыл бұрын
Here's what the form instructions say: Also attach any appraisal used to determine the value of real estate or other property. If you do not attach this information, Schedule A must include a full explanation of how value was determined. Either a qualified appraisal or a detailed description of the method used to determine the fair market value of the gift. See Regulations section 301.6501(c)-1(e) and (f) for details, including what constitutes a qualified appraisal, the information required if no appraisal is provided, and the information required for transfers under sections 2701 and 2702.
@jerrysolis5366 Жыл бұрын
Hey John, thanks for life saving video! Question: will the form for 2022 need to be update given that the IRS inst. still says prelim? Also when I purchase the prg through PayPal, I get the code from whom? (PayPal or pdftax). Is there a way to pay and give you my email for backup of proof of purchase? Thank you!
@pdftax8031 Жыл бұрын
The 2022 version is available here. The code is from pdftax. Your receipt is proof of purchase.
@nadakassir3157 Жыл бұрын
Hello, It is a very helpful video.. thank you very much... but I have a question at 6:40 about schedule B when you are adding the 10,000,000 as a prior gift, for column E, it says the amount of taxable gift, is this should be the whole amount or it should be the amount after the annual exclusion? Thank you
@pdftax8031 Жыл бұрын
After annual exclusion.
@kurpal8904 Жыл бұрын
How do you get figured for Line 4?
@mnphoneemail1132 жыл бұрын
Do you have a video showing split gifts with spouse? Page 11 of instructions for 2020, Part 4 Taxable Gift Reconciliation, Line 1 states "if gift splitting has been elected, enter only the value of the gift that is attributable to the spouse that is filing the return". Samples of completed forms I've seen show the sum of both spouses on Line 1. Can you explain?
@pdftax80312 жыл бұрын
Well first, unlike form 1040, there is no such thing as a joint gift tax return. So, for split gifts both spouses must file form 709. If in a given year both spouses made a split gift then each spouse would include on half of the amount he or she made and one half of the amount that the other spouse made. Each spouse includes one half of the amount of the other spouse's gift because it is attributable to the spouse filing the return even though it was made by the other spouse.
@nogoldfx Жыл бұрын
Great video, thank you
@robyndavis1964 Жыл бұрын
Very helpful video! Thank you!!
@jackmasonen5 ай бұрын
Thank you !
@James-ns2hs2 жыл бұрын
Can I use a Continuation of Schedule A with the same format on another piece of paper since I have like 21 lines which will not fit on Schedule A Part 1 and just put “See Attached”? I saw an accountant doing that.
@pdftax80312 жыл бұрын
Yes. In fact that's what the form instructions say you should do.
@redboy6889 Жыл бұрын
Question : In Example 2 ( 7:59), we assumed that this person gifted Ogden $10m in 2019. Can we assume that the person also filed Form 709 in 2020 ? Rephrase : Every year you gift someone, you need to file 709. However, every 709 file is a "paper-trail" and is linked to the all your gift history in your life....Is that right ? Question 2 : Any advantage of having Spouse in 709 and divide by 2 ?
@pdftax8031 Жыл бұрын
Gift splitting allows you and your spouse to double the exclusion. Here's a good explanation of how it works: www.investopedia.com/terms/g/gift-splitting.asp#:~:text=Gift%20splitting%20allows%20a%20married,and%20file%20joint%20tax%20returns.&text=Couples%20whose%20gifts%20exceed%20the,Form%20709%20with%20the%20IRS. Ogden is the name of the IRS service center where the gift tax return was filed, as in Ogden, Utah. And yes to form 709 being a paper trail.
@alicewilliams4036 Жыл бұрын
I gave money to my son and his wife for a house they bought. Should I put both of their names on Schedule A, Part 1 or fill out a second Form 709, or just put down my son's name for the entire amount since I will never reach the lifetime gift threshold?
@pdftax8031 Жыл бұрын
You only need one form 709 each year no matter how many gifts you give to how many persons. Both your son and wife can go on the same schedule A on one form 709.
@mikeyone21 Жыл бұрын
I don't understand in Part 2 - Line 4, how did you get that number? I referred to the Table of Computing Tax and do not get the same number. Isn't the calculation 4,985,000 x 40%?
@pdftax8031 Жыл бұрын
That's not how the tax table works. Look at the instruction for column D of the table. The 40% is applied to the excess over the amount in column A. So, 4,985,000 - 1,000,000 = 3,985,000. Then 3,985,000 x .40 = 1,594,000. Then add the amount in column C. So 1,594,000 + 345,800 = 1,939,800.
@pamelagraboski14862 жыл бұрын
Thank you so much for the help!
@simonethompson856610 ай бұрын
How can I get this particular form that auto computes and has the yellow guided point fields?
@pdftax803110 ай бұрын
pdftax.com/
@krapdivad2 жыл бұрын
In the example where $10,000,000 is gifted in the previous year, should you subtract the annual exclusion of $15,000? I.e. $9,985,000 in line 2 for taxable gifts
@pdftax80312 жыл бұрын
Yes, assuming there is just one donee. You get 15K per donee. (16K for 2022) So in this example if there was just one donee, and the amount of the gift was $10,015,000, then $10,000,000 would be correct.
@markekster5422 Жыл бұрын
In the example where you add 10,000,000 from the prior year, what happens to the 15,000 exclusion? If 10,000,000 was gifted, should the prior year addition on line 2 have been 9,985,000. If a couple give a single child 30,000 in 2021 - the amount of the exclusion - should Line 2 be 0 (zero) on 2022 709 from?
@pdftax8031 Жыл бұрын
Yes, you are correct. Schedule B needs the amount of taxable gifts. So if 10,000,000 was entered that assumes that 10,015,000 was actually gifted in the prior year. Line 2 will be zero only if the couple elects to split gifts so each spouse would file form 709 and report a 15,000 taxable gift offset by an exclusion of the same amount.
@markekster5422 Жыл бұрын
@@pdftax8031 Thanks so much for your reply - especially during tax season!! I was under the impression that only one parent needed to file a 709, if the gift met the exclusion - 32,000 for 2022 - if they fill out the gift splitting section of the form. Is that correct?
@goharvardcrimson2 жыл бұрын
Very helpful resource!
@100kelley2 жыл бұрын
I do not understand how you came up with YOUR figure on line 4 of part 2. I did'nt see that number on the table. I would .have used the 345,800 figure.
@pdftax80312 жыл бұрын
Line 4 says to calculate the tax based on the amount on line 3. The amount on line 3 is 16,353,000. The tax table is found on page 20 of the instructions. It's computed as follows. Add the base amount in column C, which is 345,800 and the rate amount in column D, which is 40% of the excess over the amount in column A. The amount in column A is 1,000,000, so the excess is 16,353,000 minus 1,000,000 equals 15,353,000. Then 15,353,000 times .40 equals 6,141,200. And 6,141,200 plus 345, 800 equals 6,487,000.
@100kelley2 жыл бұрын
@@pdftax8031 thank you
@100kelley2 жыл бұрын
@@pdftax8031 So on a $20,000 I would put $900 on Line 4? 18% 0f $5,000
@pburt682 жыл бұрын
Thank you for the instructions for this form! I have one question that I'm a little bit confused about -- When completing Schedule D, Part 1, Column D for a gift to a grand nephew, am I allowed to put $15,000 in that column as I did previously in Schedule A, Part 4, Line 2 for the SAME gift to the same grand nephew? Or would that count as illegally claiming the allowed exclusion TWICE (once for Gift Tax and a second time for GST Tax)? Doing this causes the amount for Schedule D to go down by $15,000 in column E which is then the same amount that gets transferred over to Schedule D, Part 3, Column B as you show in this video. I'm assuming I am allowed to do so as it would be $15,000 excluded from the exact same monies as listed in Schedule A. Your help would be greatly appreciated! Thank you.
@vicm42411 ай бұрын
Hi there @pburt68: thank you for your question. I have the exact same situation. Could you share your resolution experience on this point? Is it allowed or not to use the annual exclusion on the GST?
@balkanscorpio53782 жыл бұрын
if i donate or give 1000 dollar to some random person that needs help on gofundme, do i have to worry about any tax implications and do i have to report/mention anything about it when i file taxes? Or NO because its under the annual gift tax exclusion which is around 16,000?
@pdftax80312 жыл бұрын
Here's what the form instructions say: If you gave gifts to someone in 2021 totaling more than $15,000 (other than to your spouse), you probably must file Form 709. But see Transfers Not Subject to the Gift Tax and Gifts to Your Spouse, later, for more information on specific gifts that are not taxable.
@James-ns2hs2 жыл бұрын
Got a question, can’t find it any where in fact hardly anything talks about “cash gift only” including the IRS instructions on filling out Form 709; do I need to send supporting documents if I only sent cash only via paypal/xoom throughout the year, and this is my first time ever filing a Form 709, thanks!
@pdftax80312 жыл бұрын
Just describe the gift as cash. No documentation needed.
@mylescarlton2374 Жыл бұрын
So when I click link it says 2021 is there one I can use for now? I plan on getting gift in a week or so
@pdftax8031 Жыл бұрын
You can get it here: pdftax.com/
@TimMeyerMusic2 жыл бұрын
Very helpful thanks
@yesitsmonkey2 жыл бұрын
Thanks for how to file 709 form. I tried to download year 2021 709 form but there is only year 2020 is available to download. My father made gift 2021 and passed away same year. Therefore, I need to file his gift tax for him. Do I have to wait until next year and download 2021 form?
@pdftax80312 жыл бұрын
Yes , the 2021 version is not yet available on the IRS website.
@bsonnib2 жыл бұрын
Can you file a form 709 late (like years later)? So a married couple gifted their property to their 2 kids back in 2019 appraised about $160-170,000. The lawyer that was working with them never mentioned about form 709, so the couple had no idea. Now in 2022, they are just finding out about it. The tax deadline has passed. Do they wait until 2023 to file? When they file will they have to use the forms in 2019? Do they have to put the fair market value of it at the time of filing or the value back in 2019? Will there be any late fees? Thank you in advance for helping in any way.
@pdftax80312 жыл бұрын
They should use the 2019 form and the 2019 appraised value. The appraisal should be attached to the tax return. The late filing penalty is based on the tax due on the return. Since the amount of the gift is less than the 2019 exclusion amount there should not be any tax due nor any late filing penalty.
@bsonnib2 жыл бұрын
@@pdftax8031 Thank you! Just to make sure, they can do this asap and not have to wait until the next tax filing year right?
@sermon092 жыл бұрын
if one is single, should one skip line 12 altogether? or check "no"?
@pdftax80312 жыл бұрын
The instructions don't address that specifically, but I would answer no.
@mdeliam39 Жыл бұрын
For multiple gifts of cash to the same person on different dates does the attached statement need to repeat the address and relationship for each numbered entry? Or can I leave that off?
@pdftax8031 Жыл бұрын
Best to include it so there's no confusion.
@mdeliam39 Жыл бұрын
@@pdftax8031 thankyou
@johnnykost2 жыл бұрын
If I buy the automated form is it only good for that tax year? Or can you use it for future years?
@pdftax80312 жыл бұрын
Just one year.
@ccandreu Жыл бұрын
Do we have to print out page 4 and page 5 to file Form 709, even though we don't need to fill out SCHEDULE C & SCHEDULE D? Thank you so much!
@pdftax8031 Жыл бұрын
If those pages are blank then no.
@ccandreu Жыл бұрын
@@pdftax8031 Truly appreciate your kindness in assisting us! Have a great day, Sir!
@garyg53472 жыл бұрын
i can't keep up with the Jones
@pdftax80312 жыл бұрын
Me neither.
@gmajanna2 жыл бұрын
Would you have a self-calculating form like this for 2019? Just found out I should have filled one out for my mother for a quitclaim deed she made out to me :/
@pdftax80312 жыл бұрын
Sorry, no we don't.
@anne08592 жыл бұрын
Completely skipped the DSUE which I assume is really common. It was what I needed help with. Oh well.
@bericbroductions5070 Жыл бұрын
Does completing the form 709 automatically apply the gift to the lifetime excemption? I have read the IRS instructions and other resources and I have not been able to solidify what (if any) section to apply it towards the lifetime exemption. Thanks
@pdftax8031 Жыл бұрын
Yes it does.
@bericbroductions5070 Жыл бұрын
@@pdftax8031 Thanks. So is it line 12/14 of ‘part 2 tax computation’?
@bericbroductions5070 Жыл бұрын
@@pdftax8031 and sorry one last clarification. If I am doing a first-time filing to report a $$ gift for a down payment to my son (my husband and I will be splitting) do we only fill out part 1 and 2 on page one and then schedule A part 1 and 4? Just wanted to make sure nothing gets left undone. If we had had the time and known what just “filing a form” really meant I would have done things much differently. It is much more intimidating than I’d imagined. Thank you so much for providing your video!
@davidmburu30882 жыл бұрын
Hey John where is for this year 2022
@pdftax80312 жыл бұрын
The IRS hasn't yet released the 2022 version and they won't until December. The due date for the 2022 return is April, 15 2023.
@Nashville_ Жыл бұрын
How was line 4 computed to 1,939,800 ?
@pdftax8031 Жыл бұрын
Look at the instruction for column D of the table. The 40% is applied to the excess over the amount in column A. So, 4,985,000 - 1,000,000 = 3,985,000. Then 3,985,000 x .40 = 1,594,000. Then add the amount in column C. So 1,594,000 + 345,800 = 1,939,800.
@satishgupta23342 жыл бұрын
When and where will your 709 be available for 2021?
@pdftax80312 жыл бұрын
It depends on when the IRS releases the 2021 version. Our best guess is that will be sometime mid December. It will be available here: pdftax.com/
@pankajpatel84902 жыл бұрын
Hi: I am planning to buy the pdf access online, however, I have a question. I added money to my child's 529 account and also to a custodial brokerage account. The total amount is greater than $15k. Can you please guide me as to which section I need to fill out to report this, please? Thanks
@pdftax80312 жыл бұрын
Schedule A, Part 1. But you should also look at the form instructions, page 7. There is an election you can make to spread the contribution over a 5 year period.
@nicholasrudi96632 жыл бұрын
I purchased the software but how do i get the code to get full cal version
@pdftax80312 жыл бұрын
Click the support button on the form if you didn't get it with your payment.
@muhammaddfaheem4566 Жыл бұрын
What your fee for this service?
@pdftax8031 Жыл бұрын
You can get the form here: pdftax.com/
@monomonk99302 жыл бұрын
I am struggling with Part 2 Line 7 and I cannot afford the software right now. How can I calculate that line? Edit: If I understand your explanation correctly, my part 2 line 7 will be the total amount owed, as I should be totally covered by the exclusion. Does that sound right?
@pdftax80312 жыл бұрын
Part 2, line 7 comes from the Table of Basic Exclusion and Credit Amounts on page 17 of the form instructions.
@YANAMization4 ай бұрын
Mail or efile?
@pdftax80314 ай бұрын
The IRS does not support e-filing of form 709.
@YANAMization3 ай бұрын
Ty for your response @@pdftax8031
@rickpula6196 Жыл бұрын
do you have the form for year 2022?
@pdftax8031 Жыл бұрын
The IRS hasn't released the form yet.
@rickpula6196 Жыл бұрын
@@pdftax8031 wondered if I could download whatever the latest form is you have? I need to see if I can do this myself vs hiring a professional. It looked confusing but of course it would be since I never did this before. My wife gifted 100K to her daughter and everyone told me that no taxes would be required cause of a lifetime $12million exclusion. In watching this video, I had a hard time seeing how the form would be filled out with that exclusion. I think I would like to do a test run by myself using your form. Can you tell me if you will have a 2022 version or not? I assume I could practice with your latest...is this correct? Should I just use the link above to obtain the interactive form? Appreciate your help
@stanleychang99632 жыл бұрын
How to decide “donor’s adjusted basis” of a property gift on schedule A part I: D?
@pdftax80312 жыл бұрын
Generally for real estate that mean cost plus improvements less depreciation.
@stanleychang99632 жыл бұрын
@@pdftax8031 Thank you for response. This is very helpful. What depreciation method is available and how many years to depreciate for real estate?
@pdftax80312 жыл бұрын
@@stanleychang9963 Depends on whether it's residential or commercial and when it was placed in service.
@JB-zj1ik Жыл бұрын
Values don't auto populate like the video shows on my PDF
@pdftax8031 Жыл бұрын
You need to open the form with Adobe Acrobat Reader.
@thomaslegacy723 Жыл бұрын
So the illustration tells us we will owe money afterwards🤷🏾♂️🤷🏾♂️🤷🏾♂️???
@msmith1821Ай бұрын
The gift tax is confusing as you have too many people getting money. Just one person would be fine.
@kingidris99912 жыл бұрын
The software does not work!
@pdftax80312 жыл бұрын
You need to open the form with Adobe Acrobat Reader. The calculations won't run in a browser.
@jrlang67602 жыл бұрын
Your form does not make sense, the lifetime exclusion of $11,700,000 should yield NO tax on the form in your video but you show a balance due?
@pdftax80312 жыл бұрын
Take a look at schedule B. The taxpayer made a 10,000,000 gift in a prior year. Therefore most of exclusion was used in a prior year. In addition there is a generation skipping transfer tax on schedule D.
@jrlang67602 жыл бұрын
@@pdftax8031 Sorry!
@kingidris9991 Жыл бұрын
The math computation is wrong. 40% of 4,985,000=1,994,000 NOT 1,939,800 As shown in the video.
@pdftax8031 Жыл бұрын
That's not how the tax table works. Look at the instruction for column D of the table. The 40% is applied to the excess over the amount in column A. So, 4,985,000 - 1,000,000 = 3,985,000. Then 3,985,000 x .40 = 1,594,000. Then add the amount in column C. So 1,594,000 + 345,800 = 1,939,800.