Form 709 for Burbank California 2024-2025

Form 709 for Burbank California: What You Should Know

If you do choose to list any non-qualified income on the form, do it on Schedule C and list it as follows: (If you have income in excess of 5.43 million for more than ten years, don't list any income.) You must list the following in Column (b): Gifts made to you directly or through your spouse Gifts for your dependents who were not born in the U.S. Gifts to foreign organizations (such as foundations) Non-qualified income (such as dividends, interest and capital gains) The IRS will audit and send your tax return and the IRS may audit you when you file each year. The following table identifies the types of gifts that you must list on your Form 709 and the amounts you may be able to make to people you can list on your form. This type of gift is called a gift tax exclusion. Gift Tax Exclusion Table Gift Tax Exclusion Amounts Gift Tax Exclusion for Non-Qualified Gift Income 1,000 or less per person 1,000 to 5,000 per person Gift Tax Exclusion for Qualified Gifts 5,000 or less per person 5,000 to 25,000 per person This is a new law. The “Qualified Gifts” amount has been expanded to include the value of your qualifying real estate. This is what this new law covers. You can list this amount on your form as a nonqualified gift. You should list this amount in Column (b), because it will be reported to the IRS. This is a special limitation to be able to list this on the form. You must be the original legal owner of this qualifying real estate to list the fair market value of it as a form of non-qualified gift. If you own the property through a trustee your spouse or qualified children would be considered to be the original owner. This means that the value of the qualifying real estate must exceed the fair market value of the property. If the value exceeds the fair market value of the property, then even though this is a nonqualified gift, you'd be required to enter the fair market value of the gift in Column (b).

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