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One of my parents has found him/herself(I’m trying to be vague for his/her sake) in the situation that they gifted my sibling equity.
The tax accountant wasn’t made aware of this last year during the sale of the home, but now that they are doing the tax return it has come up. And now my parent is worried that they’ll owe a lot of taxes.
Sadly, tax is not my speciality. So I’m hoping that someone here might be able to shed some light on what may be owed.
Is there is taxes that my parent will have to pay?
I beleive the equity was $50k so was over the annual gift tax amount. What I’m hoping is that it’ll just go towards the ‘estate’ and my parent won’t have to pay taxes now.
Thanks in advance!
CPA (MA, Non-Reporting)
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