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mcorliss
Level 1
December 6, 2019
Solved

Will there be a gift tax due for a principle residence gited to son?

  • December 6, 2019
  • 7 replies
  • 54 views
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Best answer by IRonMaN

Just because you have to file a gift tax return doesn't mean you have to pay any tax.

7 replies

IRonMaN
IRonMaNAnswer
Level 15
December 6, 2019

Just because you have to file a gift tax return doesn't mean you have to pay any tax.

Slava Ukraini!
Marc-TaxMan
Level 7
December 6, 2019

if the lifetime gifts exceed $11,180,000, there is tax owed.

under that amount, merely consumes lifetime exemption; 709 is used to track the remaining exemption

abctax55
abctax55
Level 15
December 6, 2019

I thought there were different rules when homes were  "gited" .   Perhaps I'm hallucinating, again.  :smile:

HumanKind... Be Both
Marc-TaxMan
Level 7
December 6, 2019
Of course in California we have extra rules about Prop 13
George4Tacks
George4Tacks
Level 15
December 6, 2019

The answer to that will be determined by you and your paid tax professional. 

Answers are easy. Questions are hard!
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