- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
I will be selling a property to my brother via gift of equity. The amount of equity is $52,450. Will I have to pay gift taxes?
Topics:
June 4, 2019
2:53 PM
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Deductions & credits
You will have to file a gift tax return, IRS Form 709, because your gift tax exceeds the annual exclusion amount of $15,000.
But you won't have to actually pay a gift tax, because the lifetime exclusion for gift/estate tax is $11.4 million.
https://www.irs.gov/pub/irs-pdf/f709.pdf
**Answers are correct to the best of my ability but do not constitute tax or legal advice.
June 4, 2019
2:53 PM