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Ray
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My sister fully owns a condo worth 75k in florida. She wants

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My sister fully owns a condo worth 75k in florida. She wants to transfer the ownership to me via a quit-claim-deed. What are the tax implications to me ?

RayAnswers :

Thanks for your question and good afternoon.

RayAnswers :

There should not be any tax implications to you from such aa gift.

RayAnswers :

Florida does not have a state gift tax.The sister would have to report the gift to the IRS on her tax return for 2013 as a gift.But this is reportable but not taxable event.

RayAnswers :

Here is reference to the IRS/Florida Gift rules.

RayAnswers :

This is well under the lifetime exclusion as far as the IRS so no taxes but it is reportable by the sister here.

RayAnswers :

Reference.

RayAnswers :

The current limit for 2013 is $5, 250,000 as you can see above.

RayAnswers :

You would not have any taxes on the gift here, the donor pays those over the $5,250,000 exemption.You would assume the property taxes as property owner once title is placed in your name.

RayAnswers :

I appreciate the chance to assist you today.It has been my pleasure to do so.Please let me know if you have more follow up.Thanks again.

Customer: Thanks for the timely answer

 

 

Here is more reference for you about gifts and exemptions..



http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Frequently-Asked-Questions-on-Gift-Taxes


Thanks again.

 

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This communication does not establish an attorney-client relationship.Information provided here is not legal advice. Rather it is simply general information

Ray and 3 other Legal Specialists are ready to help you
Good luck here with the Condo.If you can leave a positive rating it is much appreciated.Take care.