mcorliss
Level 1
‎12-06-2019 05:05 PM
 
0 Cheers
IRonMaN
Level 15
‎12-06-2019 05:05 PM

Just because you have to file a gift tax return doesn't mean you have to pay any tax.


Slava Ukraini!

View solution in original post

0 Cheers
Marc-TaxMan
Level 8
‎12-06-2019 05:05 PM

if the lifetime gifts exceed $11,180,000, there is tax owed.

under that amount, merely consumes lifetime exemption; 709 is used to track the remaining exemption

0 Cheers
abctax55
Level 15
‎12-06-2019 05:05 PM

I thought there were different rules when homes were  "gited" .   Perhaps I'm hallucinating, again.  :smile:

"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
0 Cheers
Marc-TaxMan
Level 8
‎12-06-2019 05:05 PM
Of course in California we have extra rules about Prop 13
0 Cheers
George4Tacks
Level 15
‎12-06-2019 05:05 PM
Sometimes Prop 13 is referred to as the git along tax, hence the "gited."

Here's wishing you many Happy Returns
0 Cheers
abctax55
Level 15
‎12-06-2019 05:05 PM
:horse_racing::horse_racing:
"*******Tax software is no substitute for a professional tax preparer*******
( Generic Comment )"
0 Cheers
George4Tacks
Level 15
‎12-06-2019 05:05 PM

The answer to that will be determined by you and your paid tax professional. 


Here's wishing you many Happy Returns
0 Cheers