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Richard, Attorney
Category: Legal
Satisfied Customers: 53698
Experience:  Attorney with 29 years of experience.
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can a non-family member be gifted a home What are the tax

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can a non-family member be gifted a home? What are the tax implications of the gift?

Good evening. Yes, one can make a gift to anyone. The tax consequences are the same as if you made a gift to a family member. There are no income tax consequences. And, there are likely no gift tax consequences either. There is an annual gift exclusion of $13,000 per person per year. In addition, each person (donor) has a lifetime gift exemption of $1,000,000. So if the house value is not in excess of the $13,000 plus any unused portion of the lifetime exemption, there would be no gift tax consequences.



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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

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Hey there...Thanks so much for the bonus! I appreciate your generosity!


Regarding your last question...that is correct!