Form 709 for Orange California 2024-2025

Form 709 for Orange California: What You Should Know

It is illegal for the gifts to be for any other purpose. Your home or apartment  (not a condominium or cooperative in which you have a minority interest),  or the cash value of your house, car, farm or business are taxable gifts.  The amount of the taxable gifts can be adjusted by filing IRS Form 709 for the last five years.  Your annual gift tax on the gifts is 1% of the dollar amount of the gift. That means if you give away a  100,000 home, in 2013, you owe the federal gift tax of 1,100. If you pay property taxes due, you will also owe  your local county tax and/or school district tax.

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