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In 2018 I sold my house and gave $174,000 to my ex wife. Not as apart of the divorce. I gifted it to her. Can I take one in a lifetime exception and not pay taxes?
I sold my house in 2018. I gifted the earnings to my ex wife. $174,000. It is my understanding that I have to file a form 709. I don't understand how the Once In a Lifetime Exception works. May I file a "once in a lifetime exception"? May I use it to avoid having to pay taxes on the gift because it seems I have to pay 30% taxes, which I don't have. Thank you.
‎June 1, 2019
11:33 AM