Form 709A
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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bhWzQFX6ir3QjyacfA8pyY
11/02/09 3:30am PST
Viewed by asker 03/23/11 2:39pm PDT
Viewed by asker 03/23/11 2:39pm PDT
2 Replies
IRMN
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Accountant Community AllStar
Advisory council of Accountant community power users.
11/02/09 10:45am PST
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Form 709-A, United States Short Form Gift Tax Return, is obsolete and should not be filed.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.
Wile's special this week - get a free anvil with every return prepared.
ArchieLeach
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Advisory council of Accountant community power users.
11/02/09 3:21pm PST
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The form I'm waiting for is a 6251-EZ.
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