709 Gift Tax form - Real Estate given to two siblings

[RKobel]

My parents gifted a lake house to myself and spouse, and to my sister and her husband.  They filed the quitclaim deed, and now we're ready to help them fill out the 709 form.  In Schedule A, do we need list out each family member on a separate row?  And then split the gift (value of the home) 4 ways?  I can't find any examples of this, but it seems like the best way to do it, rather than including everyone on the same row.  Thank you.

[xmasbaby0]

Gifts given to family members, friends or other individuals are not deductible.   Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($18,000 per individual)  imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

TurboTax does not support Form 709.  It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

Here's a link for Form 709 preparation software:

 https://www.puritas-springs.com/product-category/federal

Here are some useful videos on the Form:

https://www.youtube.com/watch?v=a5wJow5h-No

https://www.youtube.com/watch?v=5Z_28sVOrTY

[RKobel]

Thank you for that information.  I had actually watched one of those videos.  But everywhere that I search and watch, the videos seems to be showing gifts to one person.  I'm trying to figure out if I need to create 4 lines in Schedule A, and the more I think about it, I think I need to create 4 lines - one for each of us that is named on the deed.  And then I'll put the 1/4 of the value of the home on each of the lines.  If that seems incorrect, please let me know.  Thanks!

[KristinaK]

That is correct. Each recipient's name should be listed on Schedule A.