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Form 709 for Portland Oregon: What You Should Know

Estate Transfer Tax Exemption Part 2—How to Report The Gift Tax Exemption on Your    Personal Income Tax Return. See IRS Publication 541-N, Gift and Estate Taxes. The gift tax exemption is reduced as the value of the transferred property exceeds the individual's exemption amount. The gift tax exemption is reduced by 10% of the transferred property's fair market value (FMV). FMV of a transfer is its FMV as of the date you receive (transfer) it. If the FMV of a transfer is not available at the transfer's date of receipt, you must multiply FMV by .010 to compute a gift tax exemption that is at least as broad as the transfer's FMV. Excluding taxable gifts of stock, you may not reduce your income tax liability for gift taxes by more than 10%, or by up to 20%, on the portion of any transfer that is included in FMV. If more than one individual is the legal beneficiary of the transferred property, they must file Form 709 for the value of the transferred property included in their marital or surviving household status. Filing Forms 709: Online : (IRS) Or (Oregon Tax Forms) by Phone In person: In your mail.

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