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We are thinking of gifting our house to our son,

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We are thinking of...

We are thinking of gifting our house to our son, daughter-in-law and two grandchildren. Can we do this by using the gift tax maximum of $14k per giftee per year. Our house is probably wroth around $225k so in theory the gifting could be complete over two financial years. Is this possible and if so how do go about it officially

Accountant's Assistant: Because real estate law varies from place to place, can you tell me what state this is in?

Georgia

Accountant's Assistant: Has anything been filed or reported?

No

Accountant's Assistant: Anything else you want the lawyer to know before I connect you?

We are non-resident aliens and have no SS- Just to be aware

Submitted: 10 months ago.Category: Tax
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9/29/2017
Tax Professional: Robin D., Senior Tax Advisor 4 replied 10 months ago
Robin D.
Robin D., Senior Tax Advisor 4
Category: Tax
Satisfied Customers: 18,387
Experience: 15years with H & R Block. Divisional leader, Instructor
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Tax Professional: Robin D., Senior Tax Advisor 4 replied 10 months ago

There is an annual exclusion from US gift tax for “present interest” gifts.The annual exclusion amount is $14,000 per donee per year). US citizens and domiciliaries can also “gift split,” allowing married donors to exclude up to $28,000 per donee per year. Gift splitting is not permitted if either spouse is a non-US domiciliary. A person is considered to be domiciled in the US for estate and gift tax purposes if he or she lives in the US and has no present intention of leaving.

You would transfer a portion of the ownership each year by changing the deed. A real estate attorney would be able to compete the paper work required.

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