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Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 15606
Experience:  15years with H & R Block. Divisional leader, Instructor
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How can my parents gift a condo in San Diego,CA to me

Customer Question

how can my parents gift a condo in San Diego,CA to me without tax consequences. Can they use the lifetime gift of 5mil and file the gift form? would that be all it's needed? the property value is currently less than purchase so there are no appreciation issues.
Submitted: 1 year ago.
Category: Tax
Expert:  Robin D. replied 1 year ago.


Your parents can have the deed changed to your name and file form 709 to report the gift (because it is valued more than $14,000 the annual limit) then they can claim the lifetime allowance to cover the amount over $14000 so they will not actually pay any gift tax.

They can split the gift. Each of them has the lifetime allowed amount ($5.45 mil).

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Expert:  Robin D. replied 1 year ago.

Please advise if you need more information.