Posted on: 18th Sep, 2010 11:40 am
I have a long time family friend who wants to give me a home for my kids. What do I have to pay for taxes if it is a gift and no money is transferred
Hi katepaw,
If your friend transfers the property to you as a gift, then you won't be liable for the gift taxes. It is your friend who is gifting you the home. So, he will be liable for paying the gift taxes, if any.
Thanks
If your friend transfers the property to you as a gift, then you won't be liable for the gift taxes. It is your friend who is gifting you the home. So, he will be liable for paying the gift taxes, if any.
Thanks