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How to add form 709 to an existing Tax Return in ProConnect?

Level 1

I have a client that we've already entered most of her information into her 1040 return, but discovered she had gifted her former home that sits empty to her adult son within that tax year.  

QUESTION: Is there a way of generating form 709 in the existing return versus having to create a new 1040 as the general instructions indicate on :
Generating Form 709, Gift Tax Return in ProConnect Tax

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1 Comment 1
Level 15

There is no way to transfer data from a 1040 to any other form of return. Delete from the 1040 and input to the 709. If you are concerned with the depreciation, it does not go on the 709. You need to do the 709 with current FMV (Fair Market Value) The son should also be given the basis of the parent gifting, but that is not part of 709.

Here's wishing you many Happy Returns