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If I pay for a house and put my brother's name only on the…

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If I pay for a house and put my brother's name only on the title, does he pay gift tax on it? Also does he have to pay income tax on it.

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

That was it in a nutshell.

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

We don't know whether it's best to put it in my name or his.

Submitted: 2 months ago.Category: Tax
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5/31/2018
Tax Professional: Tax.appeal.168, Tax Accountant replied 2 months ago
Tax.appeal.168
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Tax Professional: Tax.appeal.168, Tax Accountant replied 2 months ago

Q1: If I pay for a house and put my brother's name only on the title, does he pay gift tax on it?

A1: No, he does not have to pay gift tax, nor do you. Adding his name to the title makes him a legal and equitable owner of the property. Now, if you were to gift him equity in the property, then you would need to complete a Form 709 (Gift Tax Return).

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Q2: Also, does he have to pay tax on it?

A2: No, he does not have to pay tax on the property. He can share in paying property taxes if that is what he two of you agree upon.

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Tax Professional: Tax.appeal.168, Tax Accountant replied 2 months ago

Regarding the gift of equity, if the amount was more than $15,000, the form 709 would have to be completed. Otherwise, nothing would need to be done and no gift taxes paid be you or him.

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