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?
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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.
