Always_Learning
Level 3
02-14-2023
04:45 PM
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If a grandparent wants to purchase a house for a grandchild, is there a gift tax? Are they better off giving funds or purchasing and transferring the property to grandchild? Gift tax apply to either transaction?
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sjrcpa
Level 15
02-14-2023
05:29 PM
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Gift tax applies either way. If the grandparents have not used their $12 million+ each lifetime estate and gift tax exemption they won't actually pay any gift tax but do need to file gift tax returns.
The more I know the more I don’t know.
