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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 13330
Experience:  15years with H & R Block. Divisional leader, Instructor
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My best friend wishes to put my name on all of s properties

Customer Question

My best friend wishes to put my name on all of his properties now in addition to leaving them to me in his will because he feels this will make the whole process easier for me. Are there tax issues of which I need to be aware? He owns two homes . . .
Thank you for your answer.
Kandie
Submitted: 5 months ago.
Category: Tax
Customer: replied 5 months ago.
I should mention that I do not own a home. My husband owns our home. My name is ***** ***** the mortgage but it is on the deed. We do not want to lose our homestead exemption on our primary residence.
Expert:  Robin D. replied 5 months ago.

Hello

If your friend gives you all his property now there is no tax for you. He will need to report those gifts on form 709. A person can only give up to $14000 to any one person in a year. If they give more than that they have to report under Gift Tax rules. He also has a lifetime allowance ($5.45 mil) so as long as he has not given away more than that he will not have tax to pay.

You would be taxed on any income you receive from those properties (you sale them or use them for rental).

You would not lose your homestead exemption on your main home.

You are required to rate in a positive way (look for the STARS or SMILEY FACES) if I am to be credited with responding.

Expert:  Robin D. replied 5 months ago.

Checking to see if you responded