Gift taxes are determined by calculating the tax on all gifts made during the tax year that exceed the annual exclusion amount, and then adding that amount to all the gift taxes from gifts above the exclusion limit from previous years. (ufcu.pfyfn.com)
And if you do owe any taxes on a sale, it will be only on the small portion of the gain that's above the exclusion amount, and even then the long - term capital gains tax rate is usually only 15 %. (michaelbluejay.com)