https://ttlc.intuit.com/community/taxes/discussion/gift-tax/01/1734987#M615911 <P>My wife and I who live out of state are buying a small apartment of about $600k in LA, CA, and allow my adult daughter to live there without paying rent.&nbsp; Is there any federal/state gift tax here to pay?&nbsp; If there is, is that based on fare market rental value or something else, and may we still use exclusion amounts ($15k x 2 in 2020) for that tax (if there is)? No annual form 709 filing?</P> Sat, 17 Oct 2020 04:01:07 GMT yjl12 2020-10-17T04:01:07Z https://ttlc.intuit.com/community/taxes/discussion/gift-tax/01/1734987#M615911 <P>My wife and I who live out of state are buying a small apartment of about $600k in LA, CA, and allow my adult daughter to live there without paying rent.&nbsp; Is there any federal/state gift tax here to pay?&nbsp; If there is, is that based on fare market rental value or something else, and may we still use exclusion amounts ($15k x 2 in 2020) for that tax (if there is)? No annual form 709 filing?</P> Sat, 17 Oct 2020 04:01:07 GMT https://ttlc.intuit.com/community/taxes/discussion/gift-tax/01/1734987#M615911 yjl12 2020-10-17T04:01:07Z https://ttlc.intuit.com/community/taxes/discussion/re-gift-tax/01/1734991#M615912 <P>Fair market rental value is the gift amount......<A href="https://www.eisneramper.com/gift-tax-real-estate-0314/" target="_blank">https://www.eisneramper.com/gift-tax-real-estate-0314/</A> and use the exclusion amount of $30k.</P> Sat, 17 Oct 2020 04:46:32 GMT https://ttlc.intuit.com/community/taxes/discussion/re-gift-tax/01/1734991#M615912 M-MTax 2020-10-17T04:46:32Z