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Deductions & credits
You already sold the property so you will be liable for any capital gains tax due as a result.
However, the gift to your daughters will have no income tax consequences.
You may have to file a gift tax return with the IRS (if the gift to each is more than $17,000).
See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e314
‎October 25, 2023
12:20 PM