topic My member managed LLC is receiving property via gift. what do i list on the 709 form? is there a box for LLC info? whats correct info to make transfer to LLC directly? in Business & farm

My member managed LLC is receiving property via gift. what do i list on the 709 form? is there a box for LLC info? whats correct info to make transfer to LLC directly?

andrew29 — Fri, 07 Feb 2020 15:44:58 GMT

Re: My member managed LLC is receiving property via gift. what do i list on the 709 form? is there a box for LLC info? whats correct info to make transfer to LLC directly?

Anonymous_ — Fri, 07 Feb 2020 16:27:26 GMT

Exactly what are the circumstances of the gift?

There are actually only two choices here; the funds/property received are, in fact, a gift or the funds are a contribution to capital of the LLC. In the case of a true gift, that would be one made to all of the members of the LLC individually.

Regardless, the donor is the individual who is responsible for filing Form 709 if it is required.

Re: My member managed LLC is receiving property via gift. what do i list on the 709 form? is ther...

DianeC958 — Fri, 07 Feb 2020 16:26:39 GMT

As a business you are not required to file form 709 for a gift. Form 709 is only used by individuals.

For the property to go directly to the business you need to change the title on the property into the name of the business.