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

[IRonMaN · Accepted solution]

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

[Marc-TaxMan]

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]

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

[Marc-TaxMan]

Of course in California we have extra rules about Prop 13

[George4Tacks]

Sometimes Prop 13 is referred to as the git along tax, hence the "gited."

[abctax55]

:horse_racing:

[George4Tacks]

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