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

[@jeannettekelbaugh3216]

Your videos are so helpful. Thank you!!!

[@shellytoke1175]

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

[@JasonDKnott]

Glad it was helpful!

[@andriidanylov9453]

Appreciate, Sir

[@garry5821]

Great video! Question about cost basis of real estate entered on 709. What if the gifted real estate is rental property, and as such has been depreciated over the years of rental. Do I subtract the accumulated depreciation from the original cost basis in this case?

[@suathao9215]

Thank you for the help!!!

[@JasonDKnott]

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

[@zhenyal5621]

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

[@chain2560]

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?

[@michaelhartstein6907]

Thanks for your great video, Jason. Can you also let us know what the basis of the property would be reported as on Sch D when Sarah sells it? Does Jane's basis of $150k get transferred to Sarah, and she would also use this as her basis? And is Jane's original acquisition date of March 2012 likewise used by Sarah as her acquisition date to determine whether any gain is short vs. long term? Thanks so much!!!

[@EngineerX___]

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

[@patelpri]

How would gifting property to parents work here? Would parents be treated as one donee or two? If two, then would the donor's basis, value, and net tfr be split between the two parents? It's a little confusing, on how to write the details on schedule A. Any help is appreciated.

[@GaryTuggle-d5y]

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?

[@AmirTadros]

Great Video

[@JasonDKnott]

Thanks!

[@mikemahanay6182]

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

[@JeffWatkins-n4q]

Very helpful form 709 videos. I have a question about the annual and lifetime exclusion amounts. Do U.S. residents holding a green card also qualify for the annual and lifetime exclusions?

[@pielee7429]

How do you get the attached statement form

[@AmesAsylum]

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

[@AnnM-kn4ic]

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?

[@curlygirlyac]

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.

[@Titanicman]

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.

[@RoniCohen-z1z]

Can form 709 be filed electronically?

[@JasonDKnott]

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.

[@rod_stroker]

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 ?

[@brucesafi4785]

If Sarah rents the property for 5 years and decides to sell it. Let’s assume that she sells the property for $400,000.00, how much is her capital gain that she has to pay capital gain on?

[@papasmurfao1]

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?

[@papasmurfao1]

See part 4, got it!