Posted on: 30th Oct, 2010 10:13 am
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?
Thank you,
Peter
Thank you,
Peter
Welcome pheines,
As your mother is transferring the property as a gift, she will be liable for paying the gift tax. However, there is a life time gift tax exemption of $1 million and she can take advantage of that. As the property is a gift to you, it won't be considered as your income.
As your mother is transferring the property as a gift, she will be liable for paying the gift tax. However, there is a life time gift tax exemption of $1 million and she can take advantage of that. As the property is a gift to you, it won't be considered as your income.
How does she take advantage of the one time life time gift tax exemption of $1 million. Is there any forms? Secondly, will I have to pay capital gains tax if I sold the property?
Thank you,
Thank you,