Gift tax return on transfer of home

[Greenbriar]

Parents jointly home a vacation home and transfer it to their three children fmv 715,000. Must each parent file a separate 709 for 1/2 of the 715,000? they have no previous gift tax returns. I know that joint 709 is not permitted but am unsure if gift tax splitting applies. Thanks.

[taxea]

Research the instructions and the IRC.

[Greenbriar]

I did

quite a bit of research but just needed a quick yes or no to verify my conclusion. I'm a sole practitioner and your reply discourages me from participating in the forum. See my private msg.

[AJsTax]

Yes,

Parents jointly home a vacation home and transfer it to their three children fmv 715,000. Must each parent file a separate 709 for 1/2 of the 715,000? they have no previous gift tax returns. I know that joint 709 is not permitted but am unsure if gift tax splitting applies. Thanks.

you split the gift between the donors and mark the 709 as such and then each give the % to each of the donees.

don't pay any attention to the prior poster. they are NOT the typical person on here

[taxmom34]

greenbriar

don't let that particular preparer discourage you from participating in this forum. she is one of a very few that can criticize but we can't do the same about her. 99% of preparers on this forum are here to help and encourage you or even enlighten you.

[Greenbriar]

Thanks AJ and Mom

Appreciate you taking your time to reassure me that the vast majority of members here are very helpful and accomodating.