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.
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@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).
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-709/01/111...
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.
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.
Thank you for your help.
Thank you for your help. I hope the Form 709 will be part of Pro series Basic software.
@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).
But you can download Professional for free because you bought Basic. But you just need to pay for each tax return separately for anything done on Professional.
Thank you, TaxGuyBill, for your help. It is good to know.
I just downloaded the professional one but could not find the FORM 709. May be it is not updated yet.
But thank you for the infor. that Professional verson could be downloaded free.
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