Have a Tax Question? Ask a Tax Expert
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.
How are you today?
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
You will still need to file a gift tax return, as I presume the house is worth more than $14,000
Each child would fill out a gift tax return if their interest in the house was more than $14,000
Would they have to pay any estate tax on it?
No, if the gross estate is less than $5 million
Ok, thank you.