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I would like to buy a home for my son and his wife,can i just

Customer Question
put the home in thier...
I would like to buy a home for my son and his wife,can i just put the home in thier names. it will be a cash deal?
Submitted: 6 years ago.Category: Tax
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Answered in 5 minutes by:
7/1/2011
Tax Professional: Lev, Tax Advisor replied 6 years ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 30,133
Experience: Taxes, Immigration, Labor Relations
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LEV :

Hi and welcome to Just Answer!
If your son will not may you back - that will be a gift from you to your son and his wife.


Gift is an income, but not a taxable income for the recipient. Please see IRS publication 525 page 34 left column for reference - http://www.irs.gov/pub/irs-pdf/p525.pdf


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So - there is no tax liability for your son and his wife.


The donor (the person who makes a gift) - if he/she is US citizen or US resident - will need to file a gift tax return and might be liable for gift taxes.


The donor may be required to file a gift tax return if the value of the gift is above $13,000 per person per year. There will not be any gift taxes unless the lifetime limit of $5,000,000 is reached.
Let me know if you need any help or clarification.

Customer:

Do i need to do a gift tax return each year till the value of the home isw reached, the vaule is going to be about $180.000.00

LEV :

You do need to file a gift tax return each year in which the value of the gift is above $13,000 per person per year.
If $180.000 gift will be in one year - you need to file a gift tax return in this year.

Customer:

If i need to file is that at the end of the year? will i have to pay gift tax.

LEV :

There will not be any gift taxes unless the lifetime limit of $5,000,000 is reached.
Here is the form - www.irs.gov/pub/irs-pdf/f709.pdf
According to instructions - www.irs.gov/pub/irs-pdf/i709.pdf - see page 3
the gift tax return is due by Apr 15 following year.

Lev
Lev, Tax Advisor
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