what tax form should a mother file when giving a house (200k) to daughter and son-in-law? gift tax? deadline?

Answer 1

A Gift Tax return is due. When it's due depends upon when you gave the house to them. If it was during 2006, the deadline was Tuesday at midnight. If it was during 2007, the deadline is April 15, 2008.

Gift Tax returns are filed on Form 709. You have a $12,000 annual exclusion, per recipient. Anything beyond that is subject to Gift Tax but you can also use your lifetime exclusion, currently $1 million, to avoid any Gift Tax although that will reduce your Estate Tax exclusion dollar-for-dollar which may have implications when you pass.

If you haven't made the gift yet, consult with an estate planner. There are several ways you can handle this that will minimize or avoid any tax liability. A common tactic is to place the home in a trust with your daughter and son-in-law as beneficiaries. Title will pass to them upon your death, the transfer will bypass probate, and there will be no Gift Tax due.

Answer 2

tell your spouse what she did replaced into truly unfair. Getting a dogs needs the approval of each chum because it impacts all and numerous contained in the domicile. the actual undeniable actuality that she did not say something because she knew you'll disapprove is amazingly sneaky and incorrect. Your daughter and spouse favor to take care of the dogs and make positive it would not make a multitude. the most you need to do is attempt to make friends and fall in love with it.

Answer 3

Hi, Go to IRS.com and find a slew of forms.I think they explain what forms are for,I can not recall. You could also get a hold of IRS information and ask them to tell you proper form.Good Luck.