Requesting advise on IRS Form 709

ThomasLRenz Member Posts: 1 Newcomer
edited January 15 in General

- I understand this form is not able to be completed on Tax Free USA, but I am asking for help with submitting this form.

Form 709, US Gift Tax Return: During 2023 I gifted real property to my son. The Fair Market Value (FMV) of this property is $264,400. Exclusion for 2023 is $17,000.

Taxable gift as entered on Form 709, Part 4, line 11 is $247,000 carried forward to Form 709 Part 2, line 1 is $247,400

Continuing, since I have never had any other gift transactions in my lifetime, the amount to be entered on Form 709, line 7 would be $12,900,00. (Reference Instructions for Form 709, page 21, Part 2—Tax Computation (Page 1 of Form 709), Line 7, The applicable credit (formerly unified credit) amount is the tentative tax on the applicable exclusion amount. For gifts made in 2023, the applicable exclusion amount equals: • The basic exclusion amount of $12,920,000, PLUS • Any DSUE amount, PLUS • Any Restored Exclusion Amount.

The tax computation based on FMV for Form 709, Part 2, line 6 is $69,168. After applying the applicable credit amount on line 7, total tax would be $0 – zero.

I’m requesting that you verify that I am following the instructions for form 709 and since I owe no tax, do I still have to submit this form to the IRS. I would appreciate any guidance you can provide. Thank you.



  • MatthewD
    MatthewD FreeTaxUSA Team Posts: 247

    Hi Thomas,

    Unfortunately, we are unable to comment on a Form 709 as a FreeTaxUSA agents. Also, you should not post any personal information on your question, which was removed.

    However, if someone from the Community wants to chime in, they are welcome.