Real estate gift to son (rental home)

8 replies
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My client gifted his rental home to his son. I believe I have to fill form 709, but I cannot locate any Form

709 in my pro series. Please help me resolve this issue. Also the father does not want to pay any tax on the gift.

ProSeries Basic

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TaxGuyBillAnswer

@singh wrote:
Thank you for your help. I hope the Form 709 will be part of Pro series Basic software.

Nope, Basic only does 1040s. All other types of tax returns (Corporation, Partnership, Estate/Trust, Gift, etc.) need to be done with Professional (on a Pay-Per-Return basis).

George4Tacks

Level 15

Best guess is that it is not out yet. Per https://myproconnect.intuit.com/releasedates it is, but it is scheduled for update on 1/8/2021 so I would look to get it then. https://proconnect.intuit.com/community/proseries-tax-discussions/discussion/re-2020-form-709/01/111800#M58226

It's nice that the father does not want to pay any taxes. They should talk to their tax professional about that. Their tax professional would be doing a service to prepare a depreciation schedule for the son to use when they take over the property.

Answers are easy. Questions are hard!

S

singhAuthor

Level 6

Thank you for your help.

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TaxGuyBill

You 'tagged' that you are using ProSeries Basic. Just to check, you know that the 709 is a separate tax return that can only be done with Professional, right (on a Pay-Per-Return basis)? But a George said, it might not be ready for download yet.

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singhAuthor

Level 6

Thank you for your help. I hope the Form 709 will be part of Pro series Basic software.

T

TaxGuyBillAnswer

@singh wrote:
Thank you for your help. I hope the Form 709 will be part of Pro series Basic software.

Nope, Basic only does 1040s. All other types of tax returns (Corporation, Partnership, Estate/Trust, Gift, etc.) need to be done with Professional (on a Pay-Per-Return basis).

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