Posts Tagged ‘Form 709’


The Difference Between an Inherited Asset and a Gift Received

caughted

Whether you receive an asset from inheritance or from a gift can have significant tax impact when this asset is sold.

Inherited Asset

For an inherited asset you generally take this asset over at the Fair Market Value at the Date of Death. This value would be listed on the probate inventory.  Additionally for a Connecticut decedent it would be listed on … Continue reading »


How to Calculate Your Cost Basis and Save Money…Guaranteed

money

When you sell a capital asset you need to know when you purchased it and what the cost basis is.  These will be used to determine what your capital gain (or loss) is.  Capital assets are items such as stocks, bonds and mutual funds.

Holding Period

A short-term capital gain is for a capital asset held a year or … Continue reading »


How to Maximize Your Annual Gifts and Minimize Your Estate Taxes

Annual Exclusion

Taxpayers are allowed to gift up to $13,000 per year to an unlimited number of people without having to file a gift tax return or pay a gift tax. If the amount goes over $13,000 to any one individual, then a gift tax return must be filed. This is done on IRS Form 709, United States Gift Tax Return. Connecticut taxpayers required to file a federal gift tax return would be required to file Form CT-706/709. The … Continue reading »


How (And When) to File a Federal Gift Tax Return

Form 709, is required to be filed if a gift is made to someone for more than $13,000 in one year.  Gifts between spouses are not required to file.  Gifts can be made to an unlimited number of people in a year provided they are below the $13,000 per person annual exclusion.


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