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rkj85965
New Member

If I gift real estate worth 700,000 to a relative, and have my full life time 11.7m available, will there be a gift tax of 37%?

 
2 Replies
tagteam
Level 15

If I gift real estate worth 700,000 to a relative, and have my full life time 11.7m available, will there be a gift tax of 37%?

You will not pay any gift tax until after you reach your lifetime exclusion.

 

See https://turbotax.intuit.com/tax-tips/estates/the-gift-tax-made-simple/L5tGWVC8N

Mike9241
Level 15

If I gift real estate worth 700,000 to a relative, and have my full life time 11.7m available, will there be a gift tax of 37%?

no tax but you will use up about $700K (less the amount of any annual exclusion you are entitled to)  of your lifetime exclusion.

 

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