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Old 06-16-2017, 09:22 AM
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Home gifted to me

I was deeded property that my dad and 2 of his siblings received via intestate. I believe the property has transferred 3 times via intestate. My dad has lived in the house his entire life. He is coming to live with me and my family. California is the state. Which taxes will I have to pay? Thank you for any info



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Old 06-17-2017, 02:58 AM
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Originally Posted by Alugonosa View Post
I was deeded property that my dad and 2 of his siblings received via intestate. I believe the property has transferred 3 times via intestate. My dad has lived in the house his entire life. He is coming to live with me and my family. California is the state. Which taxes will I have to pay? Thank you for any info
No tax at all UNLESS you sell it in a gain; If your father is a U.S. citizen or resident and the value of the condo interest that he is transferring to you is more than $14k-- which is the annual exclusion amount -- he is required to file Form 709. The lifetime gift tax exclusion amount is $5.45 million. That means taxes become a consideration once this gifting threshold is reached.

however, If you owned and lived in the place for two of the five years before the sale, then up to $250k of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500k.



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Old 06-19-2017, 05:42 PM
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Home gifted to me- follow up

MHough- Thank u for that info. Do my father's sibling have to file the form u mentioned also? And, if the house has gone thru 3 or 4 intestacy proceedings ( no money was ever exchanged, how is the last value determined? Thank you , once again.



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Old 06-22-2017, 12:59 AM
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Originally Posted by Alugonosa View Post
MHough- Thank u for that info. Do my father's sibling have to file the form u mentioned also?


And, if the house has gone thru 3 or 4 intestacy proceedings ( no money was ever exchanged, how is the last value determined? Thank you , once again.
Do my father's sibling have to file the form u mentioned also?=>.No unless they also gift you ;however, aslongas they give you gifts totalling more than $14k (other than totheir spouse), they probably must file Form
709.


And, if the house has gone thru 3 or 4 intestacy proceedings ( no money was ever exchanged, how is the last value determined?===>>in general original basis of the house is your basis UNLESS the FMV of the gifted house is less than its original basis



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