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Megan C
Megan C, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 16559
Experience:  Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level
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If my in laws transfer title of land and mobile home to me,

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If my in laws transfer title of land and mobile home to me, would I be responsible for paying a tax on it

Megan C :

Thank you for your question, my name is XXXXX XXXXX I will be happy to help you

Megan C :

This would be considered a gift, and therefore you will not owe a tax on the transfer

Megan C :

Your in laws will need to file a gift tax return if the value of the land and mobile home is over $14,000

Megan C :

However, no tax will be due unless they gave away over $5 million during their lifetime.

Megan C :

You are never taxed on the receipt of a gift.

Customer: Thank you
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