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Level 1
December 7, 2019
Solved

My client gifted his child $120,000 to purchase a new home. I’m new to gift tax, and filing requirements/tax obligations. Can someone please help me out?

  • December 7, 2019
  • 1 reply
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Best answer by sjrcpa

Client needs to file a gift tax return. Probably no gift tax due (asuming client has not used their lifetime exemption.)

1 reply

sjrcpa
sjrcpaAnswer
Level 15
December 7, 2019

Client needs to file a gift tax return. Probably no gift tax due (asuming client has not used their lifetime exemption.)

The more I know the more I don’t know.