grandmabee Posted March 28, 2021 Report Share Posted March 28, 2021 Gift equity on closing settlement papers between Parents and son. 76,0000 A gift tax return should be filed correct? Quote Link to comment Share on other sites More sharing options...
Lee B Posted March 28, 2021 Report Share Posted March 28, 2021 Maybe, maybe not Quote Link to comment Share on other sites More sharing options...
grandmabee Posted March 29, 2021 Author Report Share Posted March 29, 2021 So what do you mean by that? care to clarify ? Quote Link to comment Share on other sites More sharing options...
jklcpa Posted March 29, 2021 Report Share Posted March 29, 2021 Yes, file gift tax returns because it's over $15K per donor to the son. Then the parents utilize the unified credit, assuming they haven't exhausted that, and they'll pay no gift tax. Quote Link to comment Share on other sites More sharing options...
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