User talk:Rossi3839

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- Tim Doyle, TaxAlmanac Moderator 11:32, 24 January 2006 (CST)

Gift Tax Return - Form 709

Hi Rossi,

For this case you posted below, I have two questions as I have a similar situation:

1. On the gift tax return form 709 for schedule A, did you put the FMV of the gift to be $175k or $125k (actual value of the gift)?

2. For the mother's basis in the house under Schedule A, how did you disclose the donor's basis (the real basis or the % of $125k taxable gift over $175k x real basis of the house?)

I would appreciate your thoughts as I have a similar situlation of mother gifting real estate to daughter.

Your case:

I never did a gift tax return and would appreciate any input from others. I have an individual that bought a second home in March 2006 for $175,000 with the intent of letting her daughter and son-in-law live there. Daughter and son-in-law cannot qualify for a mortgage for the FMV price of $175,000. Mother wants to help her daughter out and is willing to sell it to them for only $50,000. So basically mother is gifting them $125,000 ($175,000 FMV less $50,000 sales price). The $125,000 gift can be reduced by the $22,000 exclusion amount for the daughter and son-in-law. Mother never gave gifts before that exceeded the exclusion amount. Does a gift tax return have to be filed? If yes, I don't believe any gift tax is due because of the $1,000,000 gift tax exemption. Is this correct? Thanks!

Long-time TaxAlmanac user

Hi, I see you've been a member of TaxAlmanac since January 2006, right at the beginning - welcome back!

A lot of things have changed since TA was first started - so here are some good links for refamiliarizing yourself with TaxAlmanac:
Code of Conduct, Policies, FAQ, and Hints and Tips on How to Search on TaxAlmanac.

Also, we now have individual user pages - called profiles - that can be accessed by the other users by clicking any username in a discussion. To get to yours, click your own name in a discussion, or up at the top center of your screen (or here: profile/user page). Questions from users who haven't provided any information on the profile are often ignored (and are subject to being moved to the DIY/consumer forum), so it is worth taking a minute to add a little info about your experience level/background as a tax professional. Select edit at the top of that page, replace the boilerplate with your info, and then click Save page.

Trillium 18:08, 22 March 2009 (CDT)

Please don't skip any of the 4 steps to asking a tax question

When you posted your new question, you should have seen this page: 4 steps to posting a new tax question.

Specifically, step 2 asks you to put some information about your background/experience as a tax professional on your user page. It appears that you've been posting intermittently since 2006 - and you posted enough back then to get a "bronze" box on your page - 100 posts or something - but you have never actually posted anything on your user page. Many people like being able to click on your user name to see a little about your level of experience in case they want to tailor their responses to be more helpful to you, and also it's quite helpful for those of us who have been asked to identify questions from non-tax pros, which will be moved over to the consumer forum and out of the pro tax forum.

There are also other steps, like searching for similar situations in the discussion archives, and refamiliarizing yourself with the site. You may have done those; it's harder to tell, obviously, if not, give it a try.

Please add some information to your user page / profile, about your background/level of experience as a tax pro, as soon as possible. Thanks,

Trillium 20:49, 9 March 2010 (CST) - edited to add search link, Trillium 20:52, 9 March 2010 (CST) - re-edited Trillium 01:37, 23 December 2010 (UTC) now that Rossi has started another new question.

Check your bookmarks

If you aren't seeing this page when you start a new question, please update your bookmarks. Then go back and read that page, and follow the steps indicated there. As you've seen on the discussion you started today, many people don't want to respond without knowing more about your background/level of experience as a tax pro - you received one request for that right in the discussion!

Go to your user page, click edit, and add your current info.