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jyork
New Member

G/daughter not married to her 'significant other' transferred $100K to his credit union toward a home in both names can I use GST?

 
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DawnC0
Intuit Alumni

G/daughter not married to her 'significant other' transferred $100K to his credit union toward a home in both names can I use GST?

If you were subject to and paid generation-skipping transfer taxes, you may deduct them.

This is not common since you only have to pay generation-skipping taxes when you receive a very large gift from a relative other than your parent.

If you paid generation-skipping taxes on a gift that's been included as income on your return, you can deduct these taxes.  

______________________________________

If you make a taxable gift (one in excess of the annual exclusion of $14,000), you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. The return is required even if you don’t actually owe any gift tax because of the $5.49 million lifetime exemption.

For more information on this works, please click and read this article:  The Gift Tax Made Simple

View solution in original post

3 Replies
SweetieJean
Level 15

G/daughter not married to her 'significant other' transferred $100K to his credit union toward a home in both names can I use GST?

Please clarify.  Goods and Services Tax is not used in the USA.
jyork
New Member

G/daughter not married to her 'significant other' transferred $100K to his credit union toward a home in both names can I use GST?

GST:Generation-Skipping Transfer
DawnC0
Intuit Alumni

G/daughter not married to her 'significant other' transferred $100K to his credit union toward a home in both names can I use GST?

If you were subject to and paid generation-skipping transfer taxes, you may deduct them.

This is not common since you only have to pay generation-skipping taxes when you receive a very large gift from a relative other than your parent.

If you paid generation-skipping taxes on a gift that's been included as income on your return, you can deduct these taxes.  

______________________________________

If you make a taxable gift (one in excess of the annual exclusion of $14,000), you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. The return is required even if you don’t actually owe any gift tax because of the $5.49 million lifetime exemption.

For more information on this works, please click and read this article:  The Gift Tax Made Simple

View solution in original post

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