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Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Parents want to put property in my name. House and land.

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Parents want to put property in my name. House and land. Any Federal Taxes to be paid on a Deed change?

How much is the value of the house and land?
Customer: replied 7 years ago.
Apx 275k
Hello againCustomer

Basically your parents are giving you a gift. Gifts are never taxable to the recipient, and they are only taxable to the donor once the donor exceeds his lifetime exemption on gifts o$ $1 million.

Under the Unifed Tax Credit, each taxpayer is currently allowed to give lifetime gifts totalling $1 million before any gift tax is due. In addition, anyone may give another individual a gift of up to $13,000 annually without the gift counting towards the lifetime exemption.

If a gift is given which exceeds the annual exclusion of $13,000, then the donor must report that gift on Form 709, Gift Tax Return. The value of that gift is then deducted from the lifetime allowance of $1 million, but no tax is due unless the $1 million has already been reached.

If this is the first gift that is being given and reported by your parents, then there will be no tax implications.,,id=164878,00.html

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