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If my mother gifts her house and land (approx. $300,000 total

value) to her 3 kids...
If my mother gifts her house and land (approx. $300,000 total value) to her 3 kids this year... what Federal tax obligations would she or any of her kids owe for that? Note that my mother has never gifted anything previously.
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Answered in 1 minute by:
10/14/2013
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 16,247
Experience: 15years with H & R Block. Divisional leader, Instructor
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Robin D. :

Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
Your mother would need to report the gift but as long as she has not already met her lifetime limit ($5mil) she woudl not owe tax. She would need to file Form 709.

Robin D. :

The children would retain your mother's basis.

Robin D. :

This mean that should they sell, they would pay tax at that time on any gain. The gain would be the difference in basis and sale price.

Robin D. :

Because they retain the mother's basis, they stand to have a large gain when they sale providing they do not use the home as their main residence

Robin D. :

In short, reporting by the mother in year of gift but nothing for the children to do untill they sale.

Robin D. :

The mother would use her lifetime exclusion so no tax to pay in the year of gift for her.

Robin D. :

My goal is to give you excellent service. If you are satisfied, please rate me. If you have follow-up questions on this same topic, use the reply box below. To start a new conversation with me on a new topic request me again.

Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
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Experience: 15years with H & R Block. Divisional leader, Instructor
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