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Is joint purchase of realestate (joint tenancy) with a long term partner trigger gift tax if entire down payment and mortgage payments are made by one person?
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July 15, 2020
5:12 AM
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Get your taxes done using TurboTax
Not necessarily gift tax (that would be rare) but possibly the need to file a Form 709 (which TurboTax does not support) if the annual exclusion of $15,000 is exceeded.
See https://www.irs.gov/instructions/i709#idm140554828343488
July 15, 2020
7:47 AM