I want to give my 2 children a house valuaded at 179,000.00. What is the best way to minimize or eliminate the gift tax?

[Marketstar · Accepted solution]

A gift giver would be required to file a Form 709 Gift tax return if he/she gives over $14,000 to any single individual. Even then, the gifting will not be taxable until the sum total of all gifts exceeds the lifetime limit of $5,490,000

See the following:

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

https://www.irs.gov/pub/irs-pdf/i709.pdf

[Toomek]

DOES TURBO PROVIDE FORM 709 ?

[Hal_Al]

No.  A gift tax return is separate from income tax filing. The form is not available from TurboTax.

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

"Gift Tax" is somewhat of a misnomer.  Even though a gift tax return may be required, very few people ever actually pay federal gift tax. The purpose of the gift tax return is usually only to document a reduction in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/...