Parent selling property to daughter, who is married with 2 children. Property assessed at $325,000 selling at $325,000 (equity)gifting $60,000 ($15,000 for each)= $265,000
is there any taxable amount from gifting to either parent or child?
(Parent owns house outright and has lived in the house - with children- for at least 2 of the previous 5 years)
Sorry. I know the gift tax for 2020 is $15,000
The "Equity" Gift tax is different.
I know with the Equity Gifting you can give whatever you want. I also know if it's above the limit (In this case $15,000- since the daughter will be the only 1 on the deed)
I also know there is a lifetime $5.43 Million in gifting so a Form 709 would have to be filed