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How can I give my home that I paid 287000 for to my sister…

Customer Question
Second opinion] How can...

Second opinion] How can I give my home that I paid 287000 for to my sister free of debt

Accountant's Assistant: The Accountant will know how to help. Please tell me more, so we can help you best.

We live together and I want to move back to my previous home and I do not want my sister to pay anything for this house which is clear of any mortgage

Accountant's Assistant: Is there anything else the Accountant should be aware of?

No, except my sister and her husband are disabled

Submitted: 6 months ago.Category: Tax
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Answered in 1 hour by:
12/29/2017
Tax Professional: Lev, Tax Advisor replied 6 months ago
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 33,115
Experience: Taxes, Immigration, Labor Relations
Verified

Yes - you may gift the property to your sister.

That is not an issue.

That may be done by filing a quit claim deed form in the county where the property is located.

For your sister - as a recipient of the gift - that will NOT be taxable income and will not be reported on her tax return.

You as a donor will need to file the gift tax return - using form 709.

That is because the gift is above annual allowance of $15000 per person per year in 2018.

However - there will NOT be any gift tax due as long as your lifetime limit is not reached.

For 2018 - that limit $5,600,000.

Let me know if you need any help with reporting.

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