My wife & I sold our rental property to our son & his family, this year, 2017. We gave them $15,000.00 in Equity & $4532.25 gift of credit. Use Form 709 & take only $14k?

ddgoode · ‎June 4, 2019

Can we split it & give it to my son & his wife? Sale of property included both sums. If we cannot use Form 709 or something else, we will be paying uncle sam etc.

MaryK1 · ‎June 4, 2019

You do not need to file the 709 because both you and your wife can EACH make a $14,000 annual exclusion gift to both your son and his wife separately so you are well within the annual exclusion.

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View solution in original post

MaryK1 · ‎June 4, 2019

You do not need to file the 709 because both you and your wife can EACH make a $14,000 annual exclusion gift to both your son and his wife separately so you are well within the annual exclusion.

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**Mark the post that answers your question by clicking on "Mark as Best Answer"

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My wife & I sold our rental property to our son & his family, this year, 2017. We gave them $15,000.00 in Equity & $4532.25 gift of credit. Use Form 709 & take only $14k?