Posted on: 18th Nov, 2010 07:15 pm
My mother is wanting to do a Warranty Deed transfer on her condo in the state of Washington to me as I live in California as a gift, the property is paid in full with no balances owed. The property value is $232,000. What are my tax implications? Will I owe tax on the $232,000 as income? Also, will I have to pay capital gain tax on the $232,000 if I sell the property?
Thank you,
Peter
Thank you,
Peter
Hi pheines,
You will not be liable for paying taxes. However, as your mother is transferring the property as a gift, then she will be liable for paying the gift taxes. However, there is a gift tax exemption of $1million for the life time.
You will not be liable for paying taxes. However, as your mother is transferring the property as a gift, then she will be liable for paying the gift taxes. However, there is a gift tax exemption of $1million for the life time.
Will I have to pay capital gain tax on the $232,000 if I sell the property since it was a gift?
Can anyone help me on my last question?
Hi pheines,
You are the present owner of the property. If you sell off the property and receive profits, then you will have to pay capital gains taxes.
Thanks
You are the present owner of the property. If you sell off the property and receive profits, then you will have to pay capital gains taxes.
Thanks