Printable Form 709 Westminster Colorado 2024-2025

Printable Form 709 Westminster Colorado: What You Should Know

May be of interest to you for your situation. Jul 28, 2025 — You also need to know what the rules are for transferring assets when your total value from the previous years is greater than 2,500. For example, if you paid off a house in 2016, your total cost would be 1,500, your total value is now over 10,000, and you're transferring the rest of your property (from 6,000) to your spouse.  Jul 28, 2025 — If you make a gift of property, or an exchange of property, or a change in ownership of the property with a change in terms which would be subject to state or local taxes on transfer, you may be required to file Form 709. The gift or exchange requires a tax assessment to determine the tax due. The assessment must be made by a public official, including, but not limited to, a sales or use tax assessor. The assessment will be the sum of all the market value of the property (if reported) and all other tax due. If, after the assessment, the valuation exceeds the tax due, you will need to pay the difference (in addition to any tax due). The value of the transfer or exchange between the parties may differ significantly from the original valuation. In cases where the valuation does not exceed the tax due, the gift or exchange, if a taxable event, will be treated as an exempt event under Form 709, even though the value of the transfer or exchange, with or without a tax assessment, is different from the original valuation. For the gift tax rules and the exemption guidelines refer to Section B, Item 1(c).

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