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My sister fully owns a condo worth 75k in florida. She wants

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My sister fully owns a condo worth 75k in florida. She wants to transfer the ownership to me via a quit-claim-deed. What are the tax implications to me ?

RayAnswers :

Thanks for your question and good afternoon.

RayAnswers :

There should not be any tax implications to you from such aa gift.

RayAnswers :

Florida does not have a state gift tax.The sister would have to report the gift to the IRS on her tax return for 2013 as a gift.But this is reportable but not taxable event.

RayAnswers :

Here is reference to the IRS/Florida Gift rules.

RayAnswers :

This is well under the lifetime exclusion as far as the IRS so no taxes but it is reportable by the sister here.

RayAnswers :

Reference.

RayAnswers :

The current limit for 2013 is $5, 250,000 as you can see above.

RayAnswers :

You would not have any taxes on the gift here, the donor pays those over the $5,250,000 exemption.You would assume the property taxes as property owner once title is placed in your name.

RayAnswers :

I appreciate the chance to assist you today.It has been my pleasure to do so.Please let me know if you have more follow up.Thanks again.

Customer: Thanks for the timely answer

 

 

Here is more reference for you about gifts and exemptions..



http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes


Thanks again.

 

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This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information

Ray and 11 other Legal Specialists are ready to help you
Good luck here with the Condo.If you can leave a positive rating it is much appreciated.Take care.

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