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Merlo
Merlo, Accountant
Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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i sold my house to my dad for the payoff, the difference between

Resolved Question:

i sold my house to my dad for the payoff, the difference between the payoff and the apraised value was about $12,000, can my dad claim a gift tax exemption and does that affect me claiming it on my taxes
Submitted: 6 years ago via Answerly.
Category: Tax
Expert:  Merlo replied 6 years ago.

Hello jlp,

 

Gifts are never tax deductible. Gifts which exceed $13,000 in one year to the same individual must be reported by the donor to the IRS. But gifts below that amount do not need to be reported. At the same time, gifts to friends or family members can never be claimed as any type of exemption.

 

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Thank you jlp

 

 

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