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Form 709 question regarding the valuation of a home gifted
I gave my non-citizen wife half of my house by putting it into community property, thus it becomes a gift. In filing out Form 709, I need to determine the value of the house that I am gifting half of. I am getting an appraisal so I will know the market value, however, I also have a sizable mortgage on the house. Is the appraisal reduced by the mortgage to determine the gift value? My wife is now on the mortgage as well as the house.
‎February 21, 2022
4:16 PM