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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience:  15years with H & R Block. Divisional leader, Instructor
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Interested in transfering a house I own, without incurring

Resolved Question:

Interested in transfering a house I own, without incurring a tax liability, to my son and
x-wife equally. So the ownership would be held as 50% by my x-wife and 50% by my son.
Neither would give me any money for this transaction.
I was told by a friend I just simply need to transfer ownership as a gift. Is this the way it's done or do I need to do something else.
The house is located in Houston Texas and is in the jurisdiction of Harris County. It has 2 Bedrooms and 1 Bath.
The present value of the home is in the upper $120K to lower 130K.
Submitted: 2 years ago.
Category: Tax
Expert:  Robin D. replied 2 years ago.

Hello and thank you for using Just Answer
You may gift your home to the individuals but you will be required to report the amount over the $26000 ($13000 limit for each of the receivers) that the property is valued at. You will use form 709 to do this but you will not need to pay tax on the gift as long as you have not already given $5mil in gifts over your lifetime.

They will have no reporting.

I hope this information is helpful and thank you in advance for clicking ACCEPT.

Customer: replied 2 years ago.
Ok I understand I don't have to pay taxes. Does the same apply to my son and x-wife?
Expert:  Robin D. replied 2 years ago.
The receiver of the gift does not pay nor report on the gift. Their basis in the home will be whatever you basis is and should they sale in future, they will pay capital gains tax on any gain from the sale then.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 7726
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D.
Robin D.
Tax Professional
7726 Satisfied Customers
15years with H & R Block. Divisional leader, Instructor