smukthav
New Member

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?

 

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

View solution in original post