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Old 03-21-2017, 12:36 PM
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Form 709 properly filled out


New here to the forums, sorry if I'm posting in the wrong section.

Got a question on filling out form 709 correctly.

My parents are selling their house to me. I am putting down some initial $$$ and we are setting up a self-done loan/mortgage. This is all legal based on the IRS AFR rules.

Ok so the rub is my parents will "gift" a portion of the equity back to me so the loan can be less.
The gift will be over the $14,000/year ($28,000 joint), so it shouldn't be taxed as it is added to that life time exclusion limit of $5 million.

We just want to dot the I's, and cross the T's correctly and have that form filled out correctly.

Any help would be appreciated.
Thanks in advance. Steve

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