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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15443
Experience:  15years with H & R Block. Divisional leader, Instructor
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I want to sell some property to a family member for 1 dollar.

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I want to sell some property to a family member for 1 dollar. Can I defer this under the gift and estate tax exemption. Or do I still have to pay gift taxes bases on the fair market value of the property?

Robin D : Hello and thank you for using Just Answer,
Robin D : You have to report it under the gift tax rules but you may not have to pay any tax.
Robin D : That would depend on how much of your life time exclusion you have already used.
Customer: I see, so far I have used 0.
Robin D : You would report the gift on form 709 then exclude .
Robin D : No tax
Robin D : It would subtract from your estate gifts
Customer: Okay, also, has the lifetime exemption amount changed recently?
Robin D : A little over $5 mil
Customer: Alright, you have answered my question to my content. Thank you.
Robin D : Your positive rating is always thanks enough.
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