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If I gift a family member 80,000 in equity will that effect us financially at tax time?
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Gifts given or received are not reported on a tax return.
The giver of the gift which has a value of over $18,000 (2024) has to report the gift given on IRS form 709. This form is filed separately from your tax return and mailed to a separate address. You will not have any taxes owed on the gift given if the total of all gifts ever given is less than $13.61 million (2024).
TurboTax does not support IRS Form 709.
Go to this IRS website for Form 709 - https://www.irs.gov/forms-pubs/about-form-709
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