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jamesbright99
New Member

If I gift $300,000 to one person to purchase a home but have never gave any other gifts will I owe gift tax? or does lifetime exclusion of $5 million apply?

 
1 Reply
bwa
Alumni
Alumni

If I gift $300,000 to one person to purchase a home but have never gave any other gifts will I owe gift tax? or does lifetime exclusion of $5 million apply?

will I owe gift tax?

No, you will not, because as you note, the lifetime exclusion will apply.  However, as the gift is over $14,000 you will need to file a federal gift tax return on Form 709.

(TurboTax does not support gift tax returns.)



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