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I am attaching a sample Form 709 for a taxable gifting
I am attaching a sample Form 709 for a taxable gifting amount of $15,000 (actual gift amount $30,000 prior to subtraction of exclusion amount). The numbers for the tax calculation were based on 2018. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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Husband and wife made gift of $75,000 to son in 2019. In
Husband and wife made gift of $75,000 to son in 2019. In order to each get the $15,000 exclusion, are separate gift tax returns (form 709) required for each spouse?… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Need help with IRS Form 709. My wife and I are splitting a
Need help with IRS Form 709. My wife and I are splitting a gift to my daughter in 2019 of 150,000. $75,000 each. We live in California. I realize we each need to fill out a separate form. Will the amo… read more
Dr. Fiona Chen
Dr. Fiona Chen
President
Ph.D.
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I superfunded a 529 for my son jointly with my wfie. I need
I superfunded a 529 for my son jointly with my wfie. I need help with schedule A of form 709 and the part 4 … read more
Anne
Anne
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We are selling a house and would like to give our daughter
We are selling a house and would like to give our daughter some of the proceeds toward the purchase of a house. Is there a way to do this without incurring a large gift tax. I have several possible sc… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,226 satisfied customers
IRS Tax Question: Related to gift tax: 1. Will the donee
IRS Tax Question: Related to gift tax: 1. Will the donee ever have to report the gift? How can it be arranged for them to pay the gift tax (will it still reduce the exclusion)? 2. Are there any States… read more
Barbara
Barbara
Enrolled Agent, Paralegal
12,972 satisfied customers
If I transfer my condo to my parents for a price much less
If I transfer my condo to my parents for a price much less than property market value, do I need to pay gift tax? I am in Massachusetts.… read more
Tax.appeal.168
Tax.appeal.168
Principal
7,241 satisfied customers
Can a married couple file jointly their taxes if one of them
Can a married couple file jointly their taxes if one of them gives someone more than the $15,000 exclusion amount and therefore has to fill out form 709 (with each opting to split the gift), or do the… read more
Barbara
Barbara
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12,972 satisfied customers
I am having trouble filling out Schedule A of form 709. My
I am having trouble filling out Schedule A of form 709. My parents (from a joint bank account) gave me and my husband $30K each last year. I am getting conflicting information online on whether they n… read more
Barbara
Barbara
Enrolled Agent, Paralegal
12,972 satisfied customers
Lane: Have two Questions: 1. Can a wife and husband each
Hi Lane: Have two Questions: 1. Can a wife and husband each give 15,000 each to Married son and daughter in law (in other words total $60,000) with out any gift tax 2. Suppose they give a loan of 500,… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
18,226 satisfied customers
We are selling a rental house to our son for an amount
We are selling a rental house to our son for an amount $50,000 below appraisal price. In order to be fair we want to gift our other children $50,000 each. Is there a limit on the amount we can gift in… read more
Tax.appeal.168
Tax.appeal.168
Principal
7,241 satisfied customers
Second opinion] Gifting our Canadian island property to our
Second opinion] Gifting our Canadian island property to our daughter. Both of us are US citizens. Do I file a gift tax return? … read more
Barbara
Barbara
Enrolled Agent, Paralegal
12,972 satisfied customers
My husband and I gave my brother $19,500 as gift in 2018. My
My husband and I gave my brother $19,500 as gift in 2018. My brother also receives advance health insurance premium tax credit from state of CA, therefore, he receives tax form 1095-A. What returns/fo… read more
Tax.appeal.168
Tax.appeal.168
Principal
7,241 satisfied customers
My brother lives with my parents. Since I do not live with
My brother lives with my parents. Since I do not live with my parents, I gave my brother $1,500 a month as my share. I am not planning to claim for my tax return, how should my brother claim on his ta… read more
Tax.appeal.168
Tax.appeal.168
Principal
7,241 satisfied customers
Originally I was going to do the joint 709 path, with 2
Originally I was going to do the joint 709 path, with 2 identical forms. But there were 2 transfers, one from a joint account, the other from a personal account. If I attribute the first transfer to s… read more
taxmanrog
taxmanrog
Master's Degree
1,889 satisfied customers
Is there a cost for this consultation? Ok, let's give it a
We own 2 houses. About 4 years ago we added our daughter and her husband to the deed to our first house. They moved in to do remodeling to prepare it for sell. … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
4,125 satisfied customers
Trying to figure out the gift tax exclusion from one married couple to another. It seems l
Trying to figure out the gift tax exclusion from one married couple to another. It seems like it should be 4 × the $14,000 standard exclusion, or $56,000. What I'm not sure is whether it could all be … read more
Tax.appeal.168
Tax.appeal.168
Principal
7,241 satisfied customers
We have given gifts to each of our 4 children (divided between
We have given gifts to each of our 4 children (divided between my spouse and myself) of $12,500 each this year (2009). We would now like to give them another $12,500 each but don't want to run into a … read more
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