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

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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.
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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

[@suathao9215]

Thank you for the help!!!

[@JasonDKnott]

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

[@shellytoke1175]

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

[@JasonDKnott]

Glad it was helpful!

[@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

[@pielee7429]

How do you get the attached statement form

[@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.

[@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

[@zhenyal5621]

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

[@user-di2lx8tv4h]

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?

[@AmesAsylum]

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

[@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 ?

[@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?

[@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.

[@AmirTadros]

Great Video

[@JasonDKnott]

Thanks!

[@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?

[@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!

[@user-qc1ej5nt2f]

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.