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R
rly_spirit8785
March 25, 2025
Question

Will I have to pay tax on a gift of equity of 23,000 for a house? I am married but my husband is not on title because I bought it before we got married.

  • March 25, 2025
  • 1 reply
  • 0 views
I'm selling it to family so need to do gift of equity. But don't want to pay taxes if I can only gift for individual instead of couple since he's not on the title.

    1 reply

    M
    MinhT1
    March 25, 2025

    There is a gift exclusion of $18,000 for each donee in 2024.

     

    If you make a gift greater than $18,000 to an individual, you'll need to file a gift tax return (form 709).

     

    Form 709 is not supported by TurboTax. You have to prepare it manually and file it by mail.

     

    There is no gft tax to pay as each person has a lifetime gift exemption of $13.61 million.

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