Gift Tax 709 Form

[frep]

Got it figured out.


I'm trying to hash through a 709 Form for gift taxes and I'm getting confused.

The background is that my parents gifted a house to my sister and myself so I'm trying to do a 709 (for them) for the gift.

As general amounts let's assume they bought the house for $60,000 and it's worth $200,000 now.

1st Question:  Am I right that I need to fill out two 709 forms?  One for each parent?

2nd Question:  On Schedule A of the form I list one row as my sister and one row for me.  Do I then split the amount for the adjusted basis and the market value?

Example: (if doing a 709 for each parent)

Item Number/Donee/Donor Basis/Date/Market Value/Net Transfer
1/Sister/15,000/50,000/50,000
1/Me/15,000/50,000/50,000

Total ... 100,000?


15,000 basis being (60,000 / 2) = parent 1 share (30,000 / 2) = each donee share
50,000 market value being (200,000/2) = parent 1 share (100,000 / 2) = each donee share

Is my thinking write or am I completely off on this?