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I am years old and own my home free and clear. If I want to…

Customer Question
I am 69 years...

I am 69 years old and own my home free and clear. If I want to quit claim the home to my 48 year old son will he have any tax or other costs

Lawyer's Assistant: What state are you in? It matters because laws vary by location.

California

Lawyer's Assistant: What steps have you taken so far?

Nothing yet. I paid cash for the house in 2009 and my taxes adn insusrance are all up to date

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

NO. I would just like to be out from under any fix up costs or other expenses and we have lived together in the home from the bginning

Submitted: 1 month ago.Category: Legal
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Answered in 1 minute by:
3/18/2018
Lawyer: Legal Eagle, Lawyer replied 1 month ago
Legal Eagle
Legal Eagle, Lawyer
Category: Legal
Satisfied Customers: 10,404
Experience: Licensed to practice before state and federal court
Verified

Hello! I am a licensed attorney, admitted to practice in state and federal court. I have a nearly 100% satisfaction rating (click here for more info) so all that means is that you can count on me to help today.

In your case, the answer to your question is yes, you'll have to file a gift tax return when you quitclaim deed an interest in your home to your children. There's an annual $14,000 gift tax exemption plus a lifetime gift and estate tax exemption of $5.25 million that applies to quitclaim-related transactions.

So, in your case, depending on the value of your home, your other income, and other deductions, you may or may not owe taxes, but this is something that you (not your son) must concern themselves with come tax season.

What other questions did you have for me today that I can help you out with:-)?

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Customer reply replied 1 month ago
I am on social security only. The houe is worth about 500,000
Lawyer: Legal Eagle, Lawyer replied 1 month ago

I see. I don't know what your tax obligation would look like; you'd have to speak to a CPA about those specifics, but the answer to your question is that if you quit claim your home, you may owe taxes based on the value of the gift to him.

Did you have other questions for me today?

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Customer reply replied 1 month ago
why was I charged 36 dollars when I only approved 5 dollars
Lawyer: Legal Eagle, Lawyer replied 1 month ago

I' sorry for any confusion. The grand total is $41 to chat with me. It's $5 to post your question and $36 for your written interaction with me. It's about 90% off my regular hourly fee and your satisfaction is guaranteed.

It's much cheaper than seeing a lawyer face to face so you've saved a considerable amount of money. Did you have any questions regarding the answers I provided to you?

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Lawyer: Legal Eagle, Lawyer replied 1 month ago

Hi, because I think you may be confused about the billing process and because you haven't responded in about an hour, I'm going to opt out of this discussion and let another expert take over.

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Lawyer: Attorney Wendy, Lawyer replied 1 month ago
Attorney Wendy
Category: Legal
Satisfied Customers: 539
Experience: Member at Keefer & Keefer LLC
Verified

Hello. My name is ***** ***** I am an attorney. I am hoping I can be helpful here. As was previously mentioned the issue with quitclaiming your home to your son is the potential triggering of federal (or state) gift taxes. On the federal front, you can gift up to $14,000/year to any individual. If you gift more than $14,000 in a single year to a single person then you start drawing on your lifetime gift allowance (the total value of gifts you can give away tax free during your lifetime), which is currently about $5.5 million. Thus, the only key here is to make sure that for your tax year in which you gift this property to your son you file a gift tax return with the IRS; they then track your lifetime gift amount and when you exceed the lifetime limit, you would start to be charged a gift tax. The donor/giver is typically responsible for that tax. Unless you have gifted significant property or funds prior to this, you should not trigger any gift tax, just the requirement to file a gift tax return. If you want to confirm the tax consequences, you can contact the IRS (not always something people want to do) or use an online gift tax calculator like this one: https://www.jhadvancedmarkets.com/Ecalculator/Forms/FrmGiftTaxCalc.aspx

I hope this was helpful. If you have need additional help, please reply to this email. If I answered your question and provided excellent service, I would greatly appreciate your 5 star rating at this time.

Please note: This information is for educational purposes only and is not legal advice. No course of action is being proposed and no attorney-client relationship or privilege has been formed as a result of our conversation.

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Category: Legal
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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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