I sold my house and just transferred $80,000 to my daughter. perhaps I made a mistake. Will I have to pay taxes on that gift. Thank you

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Customer

I sold my house and just transferred $80,000 to my daughter. perhaps I made a mistake. Will I have to pay taxes on that gift. Thank you

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Barbara Blacklidge
Tax Preparer

Welcome to ExpertHelp.  My name is Barbara, and I will be happy to assist you.

You would not pay taxes on the $80,000 gift unless you have exceeded your lifetime gift cap of $11+ million.

Because the gift is more than $15,000, you will have a REPORTING requirement.  You use Form 709 to report the gift.

Last updated
Barbara Blacklidge
Tax Preparer

I received notification that you would like a phone call, but when I called the number you provided, there is no answer.

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Barbara Blacklidge
Tax Preparer

Let me know if you still require a phone call.

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Customer

At most over the years I have given gifts of a few thousand dollars. Nothing like the 80,000 I gave my daughter. Your information is great news and relieves a burden on me thank you. Milford Fletcher

 

 

 

 

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Barbara Blacklidge
Tax Preparer

My pleasure!

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Barbara Blacklidge
Tax Preparer

Please take a moment to accept my answer so I receive credit for answering you.

 

Thank you!

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