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How am I impacted if I give part ownership of home Is it considered

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How am I impacted if...
How am I impacted if I give part ownership of home? Is it considered a sale? If so can I add to the value of the property at time of the transaction the cost of capital improvements made to the property before the transaction? Whether it be 1/4%, half % or 3/4% given?
Submitted: 6 years ago.Category: Tax
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2/1/2011
Tax Professional: Richard, Tax Attorney replied 6 years ago
Richard
Richard, Tax Attorney
Category: Tax
Satisfied Customers: 55,808
Experience: 29 years of experience as a tax, real estate, and business attorney.
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Good afternoon. If you make a gift of a ownership interest in your home, it is a gift...not a sale. As a gift, the determination is whether there is a gift tax; it is not an income tax issue. Most likely, there is no gift tax consequence...you have a $13,000 annual gift exclusion PLUS you have a $5,000,000 lifetime gift exemption. So, you should be well within the exclusion and exemption to protect your from any gift tax.

 

 

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The information given here is not legal advice. As all states have different intricacies in their laws, the information given is general only. This communication does not establish an attorney-client relationship with you. I hope this answer has been helpful to you.

Richard
Richard, Tax Attorney
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