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Ask Lane Your Own Question
Category: Tax
Satisfied Customers: 11999
Experience:  Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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I was gifted a house in December 2012 by my parents. The house

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I was gifted a house in December 2012 by my parents. The house is me and my wifes residence and the apprased value was approx 400k (according to the apprasial that my parents had done at the time of they gifted it to me last year). I am wanting to gift the entire property to my wife.

Is there any tax consequenses for doing this and is the fact that the transaction is less than one year from being gifted to me is that a issue in any way?

Lane :


Lane :

No, If your spouse is a U.S. citizen, due to the unlimited marital deduction, you can gift any amount to your spouse without incurring any federal gift tax or state gift tax consequences as long as the gift is of a present interest.

Lane :

Further, the one year time frame is not relevant ... Howevr,

Lane :

DO understand that this does not preclude the need for your parents to file form 709, Form 709

Lane :

And finally, all the present interest piece means is that you need to give the property entirely over to your spouse for his or her use, enjoyment and benefit, free from any strings attached.

Lane :

Make sense?

Lane :

Here's your reference:

Lane :
(a) Allowance of deduction.--Where a donor transfers during the calendar year by gift an interest in property to a donee who at the time of the gift is the donor's spouse, there shall be allowed as a deduction in computing taxable gifts for the calendar year an amount with respect to such interest equal to its value.

26 U.S.C.A. § 2523 (West)

Lane :

I still don't see you coming into the chat session, so I'll move us to the "Q&A" mode. … Maybe that will help … (We can still continue a dialogue there, just not in real-time chat, as we can here)

Lane :

Please let me know if you have any questions at all ...


Lane and other Tax Specialists are ready to help you

Hi Greg,

... just checking back in here, (as I never saw you come into the chat).

One last note; The lifetime exclusion on gifts and estates,currently, is $5,250,000 so your parents' need to file a gift tax form is purely informational, meaning that the filing is just to track total lifetime gifts against that exclusion.

Hope this helps


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Thanks so much for the rating Greg.

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Thanks again,