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03-14-2009, 08:35 PM
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#1 |
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Registered User
Join Date: Feb 2009
Posts: 5
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A gift tax question re: Form 709
In 2008, I transferred title to one of my vacation homes to my son, as a gift. It has a basis of approx. $100,000 and a current value of approx. $450,000. I transferred the title of a second vacation home to my other son. ($24,000/$65,000). Do I list both houses on Part 1 of Schedule A in a single Form 709? If not, where/how do I report them to the government?
Basically, I'm thoroughly confused by Form 709 and I'm too cheap to pay an accountant to do it for me. ;-0 Thanks. |
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03-15-2009, 01:40 PM
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#2 |
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Registered User
Join Date: Oct 2001
Posts: 1,586
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Crimsonkng,
Yes list both properties in Part 1 Schedule A of form 709. |
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