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mat534
New Member

When I sold my Home to my Daughter I Gave her a Gift of Equity to help her with escrow and her down payment how do i include this in my taxes ?

 
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PatriciaV
Level 7

When I sold my Home to my Daughter I Gave her a Gift of Equity to help her with escrow and her down payment how do i include this in my taxes ?

A gift of equity of any size is not reported on your income tax return.

If the gift had a value of $14,000 or less, the gift is not taxable to you or to the recipient.

If the gift was worth more than $14,000, you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return, which is due April 15 of the following year. Even if you do not owe a gift tax because you have not reached the $5.45 million lifetime limit, you are still required to file this form if you made a gift that exceeds the $14,000 annual gift tax exclusion level. The IRS needs to keep a running tab of your lifetime exemption.

Read more about this here: TurboTax Tax Tips: The Gift Tax

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