Pragmatic questions about IRS form 709 ??? In 2014 I gave my son a 75k gift for a down payment on a home.
I am 75 years old and my entire estate is worth less than $400,000.
I have read that an IRS 709 form should be filed because of this gift.
I have examined the 709 form which is very complicated, and read comments on tax related forums that even CPA's find the form daunting.
I realize the practical purpose of the form is to insure that correct property taxes be paid when large gifts were made during a person's life and the estate he leaves behind exceeds 5.4 million dollars.
My theoretical question is - what happens if a person never fills out the 709. If the person made a modest gift to a son, and will never be in a position in which he will be liable for any estate taxes.
I would greatly appreciate a practical answer to this question
Thanks for your help |