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Returning Member
posted Jun 28, 2023 9:07:33 AM

tax form to submit

When I pay $500K or more to buy a house for my kid do I need to file tax form as a gift?

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2 Replies
Level 15
Jun 28, 2023 9:13:24 AM

@jimk719 wrote:

When I pay $500K or more to buy a house for my kid do I need to file tax form as a gift?

Yes, since you are the donor and your gift exceeds the $17,000 annual exclusion for the 2023 tax year.

 

See https://www.irs.gov/instructions/i709#en_US_2022_publink16784xd0e314

Employee Tax Expert
Jun 28, 2023 9:15:40 AM

Great question and generous parent!  The annual exclusion you may gift someone without having to report it to the IRS on a gift tax return for 2023 is $17,000.  Therefore you will need to report it on IRS form 709.  We don't support Form 709, but you can download it from the IRS website and fill it out per the Form 709 instructions.