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In 2017 my grandmother transferred the deed to a property to…

In 2017 my grandmother...

In 2017 my grandmother transferred the deed to a property to me for $0 in the state of North Carolina. I reside full-time in California. Do I need to file a North Carolina income tax form or pay anything as a result of this transfer? No money was exchanged and I have not received any income from this property.

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1/15/2018
bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,696
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

No need to report the deed transfer from your grandmother to yourself on any of your tax returns. A NC state non-resident return will be required if and when you rent the property and/or if and when you sell the property.

Likewise, you will not report the deed transfer on your federal and CA state resident return until you either rent or sell the property.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

bkb1956
bkb1956, Finance Enthusiast
Category: Finance
Satisfied Customers: 6,696
Experience: IRS Enrolled Agent, 20+ years of experience in tax preparation with associated finance experience.
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Customer reply replied 7 months ago
Understood and thank you for the response.

Basically, the transfer was a gift from your grandmother to you, and gifts are not taxable in the U.S.

My pleasure.

Thank you for the positive rating of my answer. It is very much appreciated.

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