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emc011075, Tax adviser
Category: Tax
Satisfied Customers: 3001
Experience:  IRS licensed Enrolled Agent and tax instructor
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What else do you need to know?

Customer Question

What else do you need to know?
Submitted: 1 year ago.
Category: Tax
Expert:  emc011075 replied 1 year ago.
Hi. My name is ***** ***** I will be happy to help you.
Can you please post your question here? What would you like to know about?
Customer: replied 1 year ago.
Hi Eva - my mom holds title on a residential property. She wants to quitclaim it to my husband and I. She has remarried but her husband in not on the property. How do you suggest we hold title and what are our gift tax consequences. Properties in that area are selling in the 350K range.
Customer: replied 1 year ago.
how do I get my answer?
Expert:  emc011075 replied 1 year ago.

How to hold the title is a question for estate specialist. Usually, if couple is married the title is transferred to both of them.

Regarding the gift tax there's no tax consequences to you. However you mom will have to file gift tax return and claim the fair market value of the house as gift to you. There's a lifetime exclusion of 5.43M which means she can gift 5.43M during her lifetime without having to pay gift tax. It will most likely be just informational form with no gift tax consequences.