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Retirement tax questions
Not a taxable event for you unless you exceed the lifetime exemption....which was $13.61 million for 2024.
No choice as to how to transfer gifts if the gifted property is owned by you and your husband in equal shares.
You each give 1/2, for example, and report the share you each gave on separate 709s. The excess above the annual gift tax exclusion just reduces your lifetime exemption.
March 4, 2025
11:17 AM