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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.
‎December 15, 2022
12:30 AM