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Form 709A
11/2/09 3:30 AM
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Total Views: 32
Explain form 709A.Parents putting home in children's names. Do children have to fill out Form 709A, show value of home as income after parents deceased?
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Answer
11/2/09 10:45 AM
From the IRS website:
Form 709-A is Now Obsolete
Form 709-A, United States Short Form Gift Tax Return, is obsolete and should not be filed. All gift tax returns must now be filed using Form 709, United States Gift (and Generation-Skipping Transfer) Tax Return.
As far as your basic question, if the home is truly being gifted to the children, a gift tax return would be filed by the parents and the children would have a basis equal to the parents cost basis whenever they ultimately sell it.
In God we trust - all others pay cash
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The form I'm waiting for is a 6251-EZ.
Inside of a dog, it's too dark to read.
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