I will be selling a property to my brother via gift of equity. The amount of equity is $52,450. Will I have to pay gift taxes?

yingweiyejr · ‎June 4, 2019

TomD8 · ‎June 4, 2019

You will have to file a gift tax return, IRS Form 709, because your gift tax exceeds the annual exclusion amount of $15,000.

But you won't have to actually pay a gift tax, because the lifetime exclusion for gift/estate tax is $11.4 million.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

TomD8 · ‎June 4, 2019

You will have to file a gift tax return, IRS Form 709, because your gift tax exceeds the annual exclusion amount of $15,000.

But you won't have to actually pay a gift tax, because the lifetime exclusion for gift/estate tax is $11.4 million.

**Answers are correct to the best of my ability but do not constitute tax or legal advice.

Do you have an Intuit account?