@user17581270646 wrote:- For the annual gift tax exclusion ($19,000), person-A simply writes a check of $19K to person-B. No need to report anything to both their IRS filings, correct?
That is correct; $19,000 person per donee or less and you don't need to report.
@user17581270646 wrote:- (Property Pass Down) The elders passed away and handed their (20 year) property to their heirs,
- (Scenario 1) if their heirs decide to sell at current market, what is the capital gain based on?
The basis to the heirs would be the fair market value at the time of death so gain would result if the property is sold for more than that value.
