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Daughter and I purchased a home jointly in 2019 and this is her primary residence. I made the down payment of $45K and she made the mortgage and tax payments. She refinanced the home in 2021 taking my name off the deed/title using a quitclaim deed and no money changed hands. Based on what I have read, my daughter should have filed a 709 claiming a gift to me of $7500 ($22,500-$15,000), right? Moving on to the quitclaim in 2021, do I need to submit a 709 since no money changed hands and if so, is the gift to her 50% of the equity? The house was purchased for $225K and has a fair market value of $260K at the time the house was refinanced.
‎January 15, 2022
8:53 PM