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My elderly father is thinking about selling his home and…

Customer Question
My elderly father is...

My elderly father is thinking about selling his home and splitting up the money between my 5 siblings and I. It will be around 85k, will I have to pay taxes on it since he will be alive still?

Lawyer's Assistant: Estate laws vary by state. What state are you in?

I am in California.

Lawyer's Assistant: What documents or supporting evidence do you have?

I am not sure what you mean. He started talking about this yesterday. The house is currently a part of his family trust. He wants to sell and split the money between my siblings and I. Basically giving us our inheritance before he has died.

Lawyer's Assistant: Anything else you want the lawyer to know before I connect you?

No I don't think so.

Submitted: 11 months ago.Category: Estate Law
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Answered in 5 minutes by:
9/18/2017
Estate Lawyer: Richard, Attorney replied 11 months ago
Richard
Richard, Attorney
Category: Estate Law
Satisfied Customers: 57,203
Experience: 29 years of experience practicing law, including tax and estate planning.
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Hi! My name is Richard & I will be helping you today! It will take me a few minutes to type a response to your question. Thanks for your patience!

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Estate Lawyer: Richard, Attorney replied 11 months ago

Good morning. There will be no tax consequences to either your dad or any of you siblings. First, pursuant to Section 102 of the Internal Revenue Code, gifts are not income and thus do not need to be reported on the income tax return. There should be no gift tax consequences. Recipients of gifts are not subject to gift tax. And, there should also be no gift tax due from the donor. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, for any amounts in excess of the $14,000 in a year, each person has a $5,490,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,490,000 in gifts over and above the $14,000 annual gift exclusion amount without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative additional gifts have exceeded the $5,490,000.

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DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

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