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BK-CPA
BK-CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 933
Experience:  Owner of a CPA firm
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Can I gift my house to my daughter using the $1,000,000 lifetime

Resolved Question:

Can I gift my house to my daughter using the $1,000,000 lifetime estate exemption ?
Submitted: 6 years ago.
Category: Tax
Expert:  BK-CPA replied 6 years ago.

Yes, although the gift and estate exemptions are two different things.

 

See here (IRS Publication 950):

 

http://www.irs.gov/publications/p950/ar02.html#en_US_publink100099450

 

 

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Customer: replied 6 years ago.
I guess my real question is can I do it without tax for either party ?
Expert:  BK-CPA replied 6 years ago.
Yes, assuming you don't have other gifts or a taxable estate to worry about. Again see the limits in the chart on the IRS page, per my first answer.
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