@Fran2021 wrote:
Since the gift is less than $15,000 do we still need to submit a 709.
No, you do not need to file a Form 709 in this instance.
Your equity in the second home is $20,000 so that figure would be the maximum amount of the gift if you gave your daughter a 100% interest. Since you are giving her one-half, the amount of the gift is $10,000, which is well under the amount of the annual exclusion.
