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Helping a child with a significant gift for purchasing a home. Well above the gift limits. From discussions on this board, it seems that can be worked around by filing form 706, essentially an early inheritance. But OMG, what a form that is!!! It also seems you have to list everything in your estate as if you have died. Which, I haven't. Is this the right form?

No. You need to file Form 709, which is the gift tax return, which is required to be filed for gifts over the annual exclusion amount. It's not really "over the gift limits", as you can give away as much as you jolly well please. But when you exceed the annual exclusion the 709 is filed. You speak as if this transaction is going on in the present tense. If that's the case, the form won't be required until next April 15. Get the current form at that time. Sometimes they change some things.


Bill
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