| | Can you gift a house to non-relative tax free??
My brother and I were debating as he is planning to give his home to his GF (to be clear, they live together however are NOT: married,dom. partners, common law, etc.).
I warned him that the IRS of California FTB might look at it as a gift and tax it based on market value (minus the gift tax exemption = approx. $14K). Is this the case?
I was sure until I read about lifetime exemptions and unified credits and now I am confused? any insight is appreciated....