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Hello- My name is XXXXX XXXXX XXXXX- My husband and I live

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Hello- My name is...
Hello- My name is XXXXX XXXXX XXXXX- My husband and I live in a Co-Operative Development. Only my husband's name has been on the Proprietory Lease and Stock Certificate. This would make it impossible for me to sell our unit in the event My husband should die. Therefore, we agreed that my name needs to be added to the stock ertificate and Lease- However, the attorney who will be doing our "mini" closing said that we should talk to our accountant regarfding"Gift" taxes- as this would be considered a "gift"- How would this affect us- would he or I be taxed on the value of our home (or half that amount)?
Submitted: 6 years ago.Category: Tax
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1/2/2012
Tax Professional: Wendy Reed, Enrolled Agent replied 6 years ago
Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
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Thank you for giving me the opportunity to assist you. I will give the best answer that I can with the information provided.

 

Hello there,

 

As long as you are a U.S. Citizen, your spouse may gift to you (or bequest) an unlimited amount of money or property, because of the unlimited marital deduction.

 

There is no gift tax on a gift to a spouse, (as long as it does not represent "future interest). Here is reference, scroll to "gift tax" http://www.irs.gov/publications/p950/ar02.html#en_US_publink100099451

 

Here is additional information if you are interested.

http://wills.about.com/lr/unlimited_marital_deduction/394055/2/

 

Wendy Reed
Wendy Reed, Enrolled Agent
Category: Tax
Satisfied Customers: 3,346
Experience: 15+ years tax preparation and tax advice.
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