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Old 03-28-2017, 02:01 PM
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Question 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....



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Old 03-28-2017, 02:03 PM
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Quote:
Originally Posted by Motaskate View Post

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?
***Correction: ....that the IRS *or California FTB might....



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Old 03-28-2017, 02:05 PM
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CORRECTION: I warned him that the IRS *or 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?



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