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Can I give my daughter 174,500 to buy a house with no tax

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implications to either of us...
Can I give my daughter 174,500 to buy a house with no tax implications to either of us
Submitted: 1 year ago.Category: Tax
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Answered in 3 minutes by:
12/9/2015
Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15,888
Experience: 15years with H & R Block. Divisional leader, Instructor
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Hello

You can give your daughter that amount and she would not have to report or pay any tax on the gift.

You would have to report a gift of that amount (it is over the annual amount $14,000) on form 709 BUT

tax would not apply as long as you have not used up your lifetime amount for gifts ($5.43 million).

You have to report it because the amount over $14000 reduces your ESTATE allowance. So when you pass your estate has less to claim for tax exclusion but you would not pay tax on the gift.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Please post below if you need clarification because Gift Tax reporting can be confusing.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Of course if my answer addressed your question please rate below or above (let me know if you have difficulty as I believe the system changed), but if you need more information reply below.

Rating lets Just Answer know you were assisted and credits me for my time.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

If you require specific information about the form 709 let me know.

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Tax Professional: Robin D., Senior Tax Advisor 4 replied 1 year ago

Hello Mike

Checking back to see if you wanted specific information about that form 709.

Please post below.

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