Seeking insight into tax Form 709, we need a professional
Hi there, We are going to receive a financial gift that is way under the lifetime cap of 12 million dollars, but over the yearly cap of $15,000. Any recommendations for a tax professional that can ensure we are filing the form correctly, ensuring my father is not double taxed, and implications for taxes in the years to come? I'm a non profit worker who has used TurboTax for all previous filings, so I'm feeling a bit blind and cautious here. Thanks in advance!
Nov 7, 2022
Parent Replies
Just as an FYI, your dad (the gift giver) is the one who needs to file the 709, not you (the gift recipient). And the yearly cap is $16,000.
Nini Yang 408-464-7563
she does my taxes. She’s fabulous and really understands tax code.
Yes, I am a tax specialist and a lawyer who has experience with the Federal Gift Tax 709 form.
1. The donor, your father, submits the form.
2. If the donor is a CA resident there is no equivalent state filing required. Other states may have a state gift tax. If he is in a foreign county, this does not apply.
3. The form is easy to complete. He can download a paper form from IRS.gov and mail it in. My outfit charges $400 when I complete the form for a client.
4. Your father can split the gift between you and your husband, if applicable.
5. He will enter the donees SSNs.
6. He will check the box for "creeit against his lifetime ($12M ) exclusion.amount.