Hi, Mike9241, how are you?
My daughter hasn't used any lifetime gift tax exemption of $12.06M yet.
If I only pay $250K for her & her husband's $850K home. Then they are gifting me $600K. Is there a problem to gift that much? Is there a gift limit for a property? I assume the same gift tax rule applies, correct?
That is that they must file a gift tax return (form 709) and subtract $600K from the lifetime gift tax exemption of $12.06M/$24.12M. Basically, they are reporting the gift amount and subtracting it from lifetime exemption accordingly. Am I right?
I look forward to hearing from you to validate my thought.
Thanks so much.
