Form 709 may or may not delivered, will I be penalized?

Forum|Forum|1 year ago
May 4, 2024
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I would like to ask that after my 709gift tax return filed , certified mail was mailed on 4/6/2024, the tracking of usps arrived at the MO state facility on 4/9/2024 and has been displayed in transit and delayed since then. It's 5/3/2024 now, and it's still the same in transit. . I'm worried about losing it. Asked the usps, said it probably arrived and forgot to scan it. What should I do, please? I'm afraid the irs won't get it and I'll be penalized a lot. Because my father gifted me the house in oct ,2023 , the amount is quite large of $900,000. Should I send form 709again? But it may be doubled and be penalized for late filing? Still worried.

Not A Product Question

Best answer by xmasbaby0

Unless your father has exceeded his LIFETIME limit of gifts given, he will owe no tax on the generous gift he gave you. Sending in the 709 form just lets the IRS start keeping track of gifts he has given so that if he someday exceeds the lifetime limit he will pay gift tax.

But if he is truly worried that the IRS has not received the Form 709, he can mail it again. It cannot be e-filed.

Gifts given to family members, friends or other individuals are not deductible. Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($17,000 per individual) imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax. In 2024 that yearly limit will increase to $18,000.

TurboTax does not support Form 709. It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

Mike9241

as the donee, you have nothing to worry about even if the IRS doesn't get the return. Filing the return is the responsibility of the donor. If no tax is due, then there is no penalty for late filing or late payment. Also, there is reasonable because you have documentation to mailing.

James zhouAuthor

Thanks for your reply.

I am worried for my father , he is the donor. What is the best way should my farther do now ? He has other real estate too, and don’t want to get penalized for that ? Is any way to find out if IRS received the 709form?