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re: Kids Buying First Home
Posted on 10/5/23 at 8:44 am to PhiTiger1764
Posted on 10/5/23 at 8:44 am to PhiTiger1764
All good.
It's two different things. There is an annual exclusion and a lifetime exemption. If you are married then you are fine because you and your wife can each gift $17,000 to your daughter and $17,000 to your son in law and not go over your annual exclusion. If you go over your annual exclusion then you would need to report the overage of the gift on Form 709 and use part of your lifetime exemption.
In reality, there is a slim to zero chance you would get audited if you go over the annual exclusion amount and not file a 709. You would be ok filing a late 709 if it ever came to that.
It's two different things. There is an annual exclusion and a lifetime exemption. If you are married then you are fine because you and your wife can each gift $17,000 to your daughter and $17,000 to your son in law and not go over your annual exclusion. If you go over your annual exclusion then you would need to report the overage of the gift on Form 709 and use part of your lifetime exemption.
In reality, there is a slim to zero chance you would get audited if you go over the annual exclusion amount and not file a 709. You would be ok filing a late 709 if it ever came to that.
This post was edited on 10/5/23 at 8:45 am
1
Posted on 10/5/23 at 9:49 am to MSTiger33
Again, this is simply filing the form - there still would be no taxes owed by the giver as you are under the life time exemption, more than likely. So more of a tracking type form.
Let's say in this scenario, you gifted each individual $100,000. That's fine, fill out the form, and submit it. You, as the giver, would still not owe taxes so long as you have not already gifted them in excess of the lifetime exclusion of $13M.
Well, it's partially correct. I think everyone is concerned about how much taxes would be owed on the gift and who would owe it. To answer that succinctly, no taxes would be owed so long as you have not exceeded the lifetime exemption of $13M. If you do exceed the annual limit, file the form, move on. If you do exceed the $13M annual exemption, the giver of the gift would be responsible to pick up the tax bill - not the kids.
Let's say in this scenario, you gifted each individual $100,000. That's fine, fill out the form, and submit it. You, as the giver, would still not owe taxes so long as you have not already gifted them in excess of the lifetime exclusion of $13M.
quote:
IDK why this got a DV.
It is correct.
Well, it's partially correct. I think everyone is concerned about how much taxes would be owed on the gift and who would owe it. To answer that succinctly, no taxes would be owed so long as you have not exceeded the lifetime exemption of $13M. If you do exceed the annual limit, file the form, move on. If you do exceed the $13M annual exemption, the giver of the gift would be responsible to pick up the tax bill - not the kids.
This post was edited on 10/5/23 at 9:54 am
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