My wife and I recently sold a rental house for cash at a substantial gain. Can we decrease the resulting capital gains for 2021 by gifting cash to our two kids ($15,000 from each parent to each kid = $30,000 x 2=$60,000)?
as described, the gifts will not reduce your capital gain. in order for the kids to be taxed on the sale their name have had to have been on the title.
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