Do I need to file gift tax return for intrafamily transfer?

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Do I need to file gift tax return for intrafamily transfer?

smith.sussane

Posted on: 12th Nov, 2010 07:54 pm

I am a US citizen and my sister is a citizen of another country. Can I transfer my property (no linen no mortgage) to her as intra-family transfer? Any tax implications? Do I need to file gift tax return?

Thanks!

Total Reply : 1

Hi rqshan!

Welcome to forums!

You will be able to transfer your property to your sister. If you transfer the property as a gift, then you will be liable for paying the gift taxes. However, there is an annual gift tax exemption of $13,000.

Feel free to ask if you've further queries.

Sussane

smith.sussane

Posted on: 15th Nov, 2010 09:59 pm

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