gifting a house

cmhorbelt — Tue, 04 Mar 2025 18:49:46 GMT

My elderly family member gifted his 70yo daughter the rental property that she had been living in and paying rental for years. What Turbo Tax software should he purchase for this situation? And where in the interview is the question(s) that would address this situation?

Re: gifting a house

xmasbaby0 — Tue, 04 Mar 2025 18:51:10 GMT

Gifts given to family members, friends or other individuals are not deductible. Gifts received are not taxable to the person who received the gift, and are not entered on a tax return.

If your gift exceeds the yearly limit ($18,000 per individual) imposed by the gift tax rules, then you will need to complete a Form 709 gift tax form and send it to the IRS, although it is very unlikely that you will owe any tax.

TurboTax does not support Form 709. It is not an income tax form and would not be included as part of an income tax return.

Here is a link to the form:

https://www.irs.gov/pub/irs-pdf/f709.pdf

https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

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gifting a house

Re: gifting a house