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Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4064
Experience:  Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
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ARE you supposed to file a copy of a property appraisal with

Resolved Question:

ARE you supposed to file a copy of a property appraisal with the Form 709 if you give real property valued at
$ 300,000.00 to a daughter in December of 2012 ?
Submitted: 11 months ago.
Category: Tax
Expert:  Lane replied 11 months ago.

Lane :

Hi,

Lane :

Yes, instructins to form 709 state the following: "Also attach any appraisal used to determine the value of real estate or other property."

Lane :

Here's the IRS guidance (instructions to form 709) in the online version: http://www.irs.gov/instructions/i709/ch02.html

Lane :

IN the "Adequate Disclosure" section of the instruction you'll see the following:

Lane :

In general, a gift will be considered adequately disclosed if the return or statement includes the following:





  • A full and complete Form 709.




  • A description of the transferred property and any consideration received by the donor;




  • The identity of, and relationship between, the donor and each donee;




  • If the property is transferred in trust, the trust's employer identification number (EIN) and a brief description of the terms of the trust (or a copy of the trust instrument in lieu of the description); and




  • Either a qualified appraisal or a detailed description of the method used to determine the fair market value of the gift.




Lane :

Here's the link to that specific section of the instructions: http://www.irs.gov/instructions/i709/ch01.html#d0e660

Lane :

Questions?

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)


Please let me know if you have any questions at all ...


Lane

Lane :

If this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Lane :

Ahhh I see you're typing ... I'll wait

Customer:

I have already filed the 709 without attaching the appraisal on the advice of the preparer. ihave an extension until October 15th . how can I contact the irs to file the Appraisal?

Lane :

Did you indicate any other method of determining value (OR did you state that you had an appraisal)?

Lane :

  1. For a non-charitable gift of property, the purpose of obtaining an appraisal of the property for gift tax purposes is to satisfy the adequate disclosure rules of Treas. Reg. §301.6501(c)-1(f)(2) in order to start the 3-year statute of limitations running on the gift tax return. Without the appraisal or other evidence that satisfies the adequate disclosure rules, the IRS could come back in an estate tax context many, many years later and determine that the amount of the gift was larger because the property had a higher value. ... SO the ideal WOULD be to get it filed.. you can always call them and ask: (from http://www.irs.gov/uac/Form-709,-United-States-Gift-(and-Generation-Skipping-Transfer)-Tax-Return call our toll-free number at 1-800-829-1040 (Individuals) or 1-800-829-4933 (Business)

Lane :

Another option is to go to the local field office ... that would be MY recommendation. They can tell you the proper procedure AND date stamp something as received. ... As you are ameding, (no line items are changing, an amended return really isn't needed here)

Lane :

Here's a link to find the closest field office: http://www.irs.gov/uac/Contact-Your-Local-IRS-Office-1

Lane :

Still with me?

Lane :

Ok, I'm guessing we're either having system problems OR you've stepped away ... Again, I'll move us to the "Q&A" mode ... BUT we CAN still continue the conversation there

Lane :

Let me know if yo have any questions at all... and if this HAS helped, I would appreciate a feedback rating of 3 (OK) or better … That's the only way they will pay us here.


HOWEVER, if you need more on this, PLEASE COME BACK here, so you won't be charged for another question.

Lane :

Let me know ...

Lane :

Lane

Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 4064
Experience: Juris Doctorate, CFP and MBA, Providing Financial & Tax advice since 1986
Lane and 2 other Tax Specialists are ready to help you
Expert:  Lane replied 11 months ago.
Our chat has ended, but you can still continue to ask me questions here until you are satisfied with your answer. Come back to this page to view our conversation and any other new information.

What happens now?

If you haven’t already done so, please rate your answer above. Or, you can reply to me using the box below.
Expert:  Lane replied 11 months ago.


Hi Joseph.

... just checking back in HERE (as I never saw you come back into the chat).

Please let me know if you to continue with this.

Lane
Expert:  Lane replied 11 months ago.


Thanks so much Josepf!

And again, if you have any follow-up questions, let me know.

If you'd like to work with ME again just say "For Lane only," at the beginning of your next question OR set me up as your preferred expert on your home page.

But again, on THIS one, come back here if you have a follow-up question.

Lane

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