Normal gifts should be included in the $18,000 annual exclusion and not reported.Why would there be a tax if it’s a gift? Do people report the value of birthday & Christmas gifts?I'd think you also want to start to determine what the cost basis is. I'm assuming this would be reportable as a capital gain -- if so, you need to know what the relative paid for it originally (unless you really mean inherited, not a gift).
Statistics: Posted by popoki — Wed Mar 13, 2024 6:49 pm — Replies 9 — Views 411