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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15720
Experience:  15years with H & R Block. Divisional leader, Instructor
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My husband and I gave property to our son last year. The

Customer Question

My husband and I gave property to our son last year. The attorney said we did not have to file the transfer, but advised we might just want to. He sid to file the Gift Tax Form, but that seemed to be appropriate for deceased taxpayers. Can you let me know how to account for this transaction...the property was less than 5.4 million.
JA: The Accountant will know how to help. Is there anything else important you think the Accountant should know?
Customer: No.
Submitted: 6 months ago.
Category: Tax
Expert:  Robin D. replied 6 months ago.

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Expert:  Robin D. replied 6 months ago.

The form 709 is used to report gifts made in a year that are over the annual allowed amount ($14000).

You can split the gift and each report half (you each also have the annual allowed amount) and then if the property was valued at more then $28000, you are required to file form 709 to report.

The amount that is over the annual will reduce your estate allowance ($5.49 mil).

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