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sold a house want to gift profit to parents how to do this

for tax purposes?...
sold a house want to gift profit to parents how to do this for tax purposes?
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Answered in 5 minutes by:
10/18/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,882
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.

Robin D. :

If the gift will be more the $14,000 to each of them you will file the form 709 to report the gift.

Robin D. :

That does not mean you will need to pay tax on the gifts but you do need to report if you give each of them more then $14000 which is the yearly limit

Robin D. :

You may use your lifetime limit which is a little more then $5mil so you will not actually have to pay tax.

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

Customer:

do I file 709 now or at tax time?

Customer:

DO I file the 709 form now or at tax time?

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,882
Experience: 15years with H & R Block. Divisional leader, Instructor
Verified
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Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor

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