Thanks for the quick reply. Actually the transacti...
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Get your taxes done using TurboTax

Thanks for the quick reply. Actually the transaction took place in 2015 so we should have filed in 2016. Can we still go ahead and file Form 709 now without penalties? Does the actual value of the property matter at all in this case or is it just the down-payment we made?

Also I have been paying my sibling some money (more than 14K in 2016) and the mortgage repayment is done entirely by my sibling. Can my sibling go ahead and claim the entire Mortgage Interest and Property Tax as deductions?
I will go ahead and file Form 709 for the money I sent to my sibling in excess of 14K. Thank you.
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