lilmonky4
Returning Member
Member profile
- Replies
- Posts
-
Wonderful! Thank you so so very much, you are a lifesaver!
-
Ok I think I understand now. Just to confirm - the donor’s adjusted basis of gift = $73,150 (the price I originally bought it for). The value at date of the gif...
-
He paid 158,550 for the property (158,550 that he paid + 158,550 that I gifted him = $317,100 sale price of house)
-
So the donors adjusted basis would be $73,150 and the value would be $320k? Where do I put or account for the $158,550 that I gifted to him of the total sale pr...
-
So what number would I put as the donors adjusted basis of gift, and what number would I put for the value of the gift (on Schedule A)?
Activity Feed for lilmonky4
- Posted Re: How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150 on Get your taxes done using TurboTax. March 11, 2022 2:55 PM
- Cheered Re: How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150 for Anonymous_. March 11, 2022 2:55 PM
- Got Cheered for Re: How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150. March 11, 2022 2:55 PM
- Got Cheered for Re: How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150. March 11, 2022 2:53 PM
- Posted Re: How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150 on Get your taxes done using TurboTax. March 11, 2022 2:48 PM
- Posted Re: How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150 on Get your taxes done using TurboTax. March 11, 2022 2:08 PM
- Posted Re: How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150 on Get your taxes done using TurboTax. March 11, 2022 1:58 PM
- Posted Re: How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150 on Get your taxes done using TurboTax. March 11, 2022 1:44 PM
- Posted How do I fill out gift tax form 709, Schedule A? I gave son a gift of equity of $158,550 so he could buy my house at 317K. Appraised value $320K. My purchase price 73,150 on Get your taxes done using TurboTax. March 11, 2022 1:22 PM