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If I gift $300,000 to one person to purchase a home but have never gave any other gifts will I owe gift tax? or does lifetime exclusion of $5 million apply?
May 29, 2019
5:00 PM
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Get your taxes done using TurboTax
will I owe gift tax?
No, you will not, because as you note, the lifetime exclusion will apply. However, as the gift is over $14,000 you will need to file a federal gift tax return on Form 709.
(TurboTax does not support gift tax returns.)
No, you will not, because as you note, the lifetime exclusion will apply. However, as the gift is over $14,000 you will need to file a federal gift tax return on Form 709.
(TurboTax does not support gift tax returns.)
May 29, 2019
5:00 PM