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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 13171
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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My children inherited their fathers home and want to give

Resolved Question:

My children inherited their father's home and want to give me the house and then it would revert back to them with I die. What would their tax liability be on this? We all live in Michigan
Submitted: 12 months ago.
Category: Tax
Expert:  Megan C replied 12 months ago.

MyVirtualCPA :

Thanks for asking your question! I'm sorry to hear about your tax issue and I'm going to try my best to help you understand or resolve it.

MyVirtualCPA :

How are you today?

MyVirtualCPA :

Essentially they are gifting you the house. So long as they have not given away more than $5 million during their lifetime, there is no tax on the gift

MyVirtualCPA :

You will still need to file a gift tax return, as I presume the house is worth more than $14,000

MyVirtualCPA :

Each child would fill out a gift tax return if their interest in the house was more than $14,000

Customer:

Would they have to pay any estate tax on it?

MyVirtualCPA :

No, if the gross estate is less than $5 million

Customer:

Ok, thank you.

Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 13171
Experience: Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
Megan C and 7 other Tax Specialists are ready to help you
Expert:  Megan C replied 12 months ago.
Thanks, Linda for your positive rating. Please come back and visit MyVirtualCPA for any of your tax, finance, or social security needs it was a pleasure working with you today.

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