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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13336
Experience:  15years with H & R Block. Divisional leader, Instructor
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How can my parents gift a condo in San Diego,CA to me

Customer Question

how can my parents gift a condo in San Diego,CA to me without tax consequences. Can they use the lifetime gift of 5mil and file the gift form? would that be all it's needed? the property value is currently less than purchase so there are no appreciation issues.
Submitted: 10 months ago.
Category: Tax
Expert:  Robin D. replied 10 months ago.

Hello

Your parents can have the deed changed to your name and file form 709 to report the gift (because it is valued more than $14,000 the annual limit) then they can claim the lifetime allowance to cover the amount over $14000 so they will not actually pay any gift tax.

They can split the gift. Each of them has the lifetime allowed amount ($5.45 mil).

After you view my response, please post below if you need more information or if you need no further clarification a positive rating is appreciated.
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Expert:  Robin D. replied 10 months ago.

Please advise if you need more information.

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