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What else do you need to know?
Submitted: 2 years ago.Category: Tax
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Answered in 16 minutes by:
8/2/2015
Tax Professional: emc011075, Tax adviser replied 2 years ago
emc011075
emc011075, Tax adviser
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Customer reply replied 2 years 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 reply replied 2 years ago
how do I get my answer?
Tax Professional: emc011075, Tax adviser replied 2 years 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.

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