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Junie1121
New Member

I gave my home to my children for the amount I owed on it.. their name was already on the house do I have to claim it as sold?

 
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1 Reply
Coleen3
Intuit Alumni

I gave my home to my children for the amount I owed on it.. their name was already on the house do I have to claim it as sold?

No, it is not sold if you did not receive any money. It is a gift. You will need to file Form 709. TurboTax does not support this form. You can print it from the link below.

Form 709 

The purpose of IRS Form 709 is to report gifts that are subject to gift and generation-skipping transfer taxes. 

The most common rule is the annual exclusion, whereby anyone can give up to $15,000 in cash or property to a person without having a taxable gift. This is the provision that prevents most ordinary holiday or birthday gifts from being taxable. 

Even if you have made a taxable gift, Form 709 isn't as big of a burden as many think. That's because unless you've made a huge gift, you won't have to pay any actual gift tax.

The U.S. has a unified gift and estate tax system at the federal level. Everyone has a lifetime exemption from gift and estate tax -- $11.2 million for 2018 -- and even after you use up your $15,000 annual exclusion, any remaining gift amount applies against your lifetime exemption amount.

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

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