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Real estate gift to son (rental home)

singh
Level 7

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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TaxGuyBill
Level 15

@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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8 Comments 8
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-709/01/111... 

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. 


Answers are easy. Questions are hard!
TaxGuyBill
Level 15

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.

singh
Level 7

Thank you for your help.

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singh
Level 7

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

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TaxGuyBill
Level 15

@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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TaxGuyBill
Level 15

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.

singh
Level 7

Thank you, TaxGuyBill, for your help. It is good to know. 

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singh
Level 7

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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