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shotzongoal: " I've lent my daughter $54K to buy a condo so my grandson could have an address in a preferred school district. Our intention is to sell it in two years and use the proceeds for college.

Are any taxes due?

Do I have to submit Form 709??"

From 709 is a gift tax form. Why would a gift tax form be due if you loaned your daughter money?

You will owe income taxes on the interest your daughter pays you for the loan, or should have paid at a rate at least equal to the applicable federal rate (AFR) who you failed to charge interest.

I assume that you have properly documented the loan.

Real estate taxes will be due for the condominium.

I am not a tax pro, and I assume that one of the resident pros will be along to elaborate.

Regards, JAFO
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