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MequonCPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2342
Experience:  CPA, Over 30 yrs experience w/individuals and small businesses. Masters in Tax.
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what is tax imlication in transferring a portion ...

Customer Question

what is tax imlication in transferring a portion of your residence to you child who lives in the same property through a "grand transfer of tilte deed"
Submitted: 8 years ago.
Category: Tax
Expert:  MequonCPA replied 8 years ago.


If the value of the transfer exceeds$12K ($24K if married) a gift tax return will need to be filed. There will be no gift tax to pay unless total taxable gifts exceed $1million.

Upon death, only the portion owned by the decedent would receive a step up in basis to fair market value as of date of death.