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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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