debruss127
Returning Member

Get your taxes done using TurboTax

Thank you for this information.  My brother has not gifted more than 12M in his lifetime. so filing a 709 would just inform the IRS that the income was gifted.  I am still slightly confused; as I am hearing, gifting more than 16,000 is taxed. Am I understanding that correctly? 

The home was my brother's primary residence for more than 5 years, as well.