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K
KN2252
April 13, 2025
Question

Gift of money from sale of house

  • April 13, 2025
  • 1 reply
  • 0 views

My parents gifted me the money from the sale of their house.  What form do I need to complete?

1 reply

M
MindyB
April 13, 2025

You don't need to file anything as the recipient. 

 

Your parents as the donor may need to file a gift tax return, depending on the amount of the gift.  The donor doesn't have to pay taxes if they haven't reached the lifetime exemption, but they may need to file a gift tax return. What you need to file is: Form 709: US Gift (and Generation-Skipping Transfer) Tax Return. Keep in mind, married couples can double the $18,000 and count the gift as a joint gift.

 

Here is an article you may find helpful: The Gift Tax Made Simple

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