We have a rental property with me, my daughter, and my son on the title before 2021. During a refinance in later 2021, I removed my name from the tile so the property is owned by my daughter and my son, who were already on the title. I realize this is gift from me to them. How do I report this in F709? Thank you for your help!
TurboTax does not support Form 709. You can find the form and instructions here. You may have penalties for filing late but may be able to have them waived with an explanation for reasonable cause. Do not send the explanation with the form however.
This did not help my question at all!
I understand the TurboTax does not help people file 709 form. But in this Community discussions, I have read a lot of comments from other Employee Tax Expert regarding f709 questions. It seems like people here knows more about the 709 form than anywhere else.
But somehow, it seems like nobody like to address my questions.
Thanks
You gifted your 1/3 of the house to two people. For example: Let's say you purchased the house for $120,000 together originally. Then your 1/3 share is $40,000 so you gave them each $20,000.
There are many possible scenarios and we can't begin to guess your actual situation.