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We gifted land to a parent that was a paper transaction only, not sold. How do we file the gift?

 
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We gifted land to a parent that was a paper transaction only, not sold. How do we file the gift?

If the value of the land exceeded the annual exclusion of $15,000, then you would file Form 709.

 

See https://www.irs.gov/instructions/i709#idm140554828343488

 

Note that TurboTax does not support Form 709; professional tax and legal guidance is recommended.

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2 Replies
RobertG
Expert Alumni

We gifted land to a parent that was a paper transaction only, not sold. How do we file the gift?

If you're the one who gave the gift, you report it if it exceeds $15,000 per recipient per year.

 

In that case, you'll file Form 709: United States Gift (and Generation-Skipping Transfer) Tax Return.

 

We don't support Form 709, but you can download it from the IRS website and fill it out per the Form 709 instructions.

 

You have a filing requirement if the gift exceeds $15,000 per recipient, but you don't actually pay gift tax until your lifetime gifts exceed $11.4 million for 2019.

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We gifted land to a parent that was a paper transaction only, not sold. How do we file the gift?

If the value of the land exceeded the annual exclusion of $15,000, then you would file Form 709.

 

See https://www.irs.gov/instructions/i709#idm140554828343488

 

Note that TurboTax does not support Form 709; professional tax and legal guidance is recommended.

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