Originally posted by Roland Slugg
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Form 709 experts please
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Originally posted by flynfinnIf they Gift Split in a non community property state, must they both still sign and file separate Gift Tax returns?
Originally posted by flynfinnAre they REQUIRED to have a certified appraisal of the gifted property (versus market value assigned by local tax assessor) if that is the only significant asset gifted?
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Are the parents still living in the house? If so, did they retain a life estate? If they did, it is still a gift for gift-tax purposes, but the donors can not use their $14,000 exclusions. That exclusion only applies for unconditional gifts.
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Form 709 experts please
I have a married couple who gifted their house (approx value 240k) to their daughter, I'm certainly no expert in this realm and have a few questions...
1. If they Gift Split in a non community property state, must they both still sign and file separate Gift Tax returns?
2. They are well under the federal estate filing threshold, are they REQUIRED to have a certified appraisal of the gifted property (versus market value assigned by local tax assessor) if that is the only significant asset gifted?
Thanks so much in advance!Tags: None
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