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I have a house, with a value of about $35,000, that Id like

I have a house, with...
I have a house, with a value of about $35,000, that I'd like to give to my son. What is the cost, tax wise, to do this. I live in Ohio.
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Answered in 12 minutes by:
11/3/2012
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
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Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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There is no income tax consequense for you or your son in this scenario. However, the gift will produce a gift tax consequense for you.

When you give a gift with a value of more than 13,000 dollars, you are required to file a gift tax return. On the gift tax return, you will either have to pay gift tax or use part of your 5.12 million dollar lifetime estate/gift exclusion to avoid paying the tax. The 5.12 million dollar gift exclusion is set to drop to 1 million dollars in 2013, which may or may not change before the end of the year. If you anticipate having a substantial estate (valued between 1 and 5 million dollars) you might want to consider paying the gift tax instead of using up part of your estate exemption.

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Customer reply replied 5 years ago
What are the first steps to giving the house to my son. My estate will never be near $1 million, let alone $5 mill:)
Completing the gift should be as simple as filing a quit claim deed with your county assessors office. Unfortunately, I'm not sure for Ohio and calling a local realtor or your county property tax office may be a good place to seek guidance.

Then, when you file the gift tax return, call a local CPA or enrolled agent to prepare the returns for you.
Phillip B, EA
Phillip B, EA, Enrolled Agent
Category: Tax
Satisfied Customers: 704
Experience: Practicing since 2004. Expert in 1040, small business, represent vs. IRS, & int'l tax mattters.
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