Income And Gift Tax Implications of Gifting A House?!

[@slice51]

This government is OUT of control. Should be none of their business. Get these crooks out of our lives.

[@tia6622]

What if I never plan to sell the house once I receive it as a gift from my parents? Would I still have to pay gift tax?

[@mauriciomartinez5108]

If my parents gifted the home to before they passed so the deed is under my name do we have to pay taxes on it. And no not planning on selling planning to live there

[@dgomez8320]

Thank you for the info. My wife and I just retired and are taking care of our father. We are selling our home in NY and moving to another state where our father resides. He has told us he is giving us his home. We are trying to look at the tax implications for our father and us. Can you give us some advice?

[@robn.5932]

What if the property is in the name of your single member LLC and your instructions in the operating agreement state upon your death that the assets go to your children and the LLC is to be liquidated and closed? Most rentals will be owned by a single member LLC. Please advise what happens upon death and what happens to taxes for heirs?

[@mariaagamboabucarito1954]

Amazing information.. Thanks

[@EfrosFinancial]

Glad it was helpful!

[@Team8LA]

Please talk about Generation Skip tax and form 706?

[@teresaphillips8188]

Gifts should not be taxed. In my opinion that is double taxing

[@bulldogfightingforfreedom]

Agree, well the gov needs money.. what are we gonna do. Fucking government.

[@johnpeterson5354]

If you gift the home to your daughter and she moves into it and it’s her principal residence and she lives there for the next 10 to 15 years?

[@BellaCinco]

Btw this was a very informative video. Watched a lot and this had everything I need to know.

[@scarsfrmgrindn8529]

Is gift tax only for the wealthy to file or is it any us citizen that compentent to do so?

[@BuzzedOnBlues]

Does the provision for step-up in basis apply the same way for Stocks that get gifted to beneficiaries or passed on to heirs in a will upon death?

[@kevinatkab5219]

Two brothers own a home. brother A quit claims his share to brother B for $1.00. Are there any tax issues in this transaction? Later, Brother A wants $75K for his share of the property from Brother A. how can this best be paid out? Thanks if you can help.

[@rikpatel9396]

Let say the gift exceeds $15k but less than $11.5 million. Do we still have to pay tax? My CPA is saying we have to pay a capital gains if my father quitclaims a property to me?

[@xiaoyunchen8232]

I bought a house at a college town before my son turns into 18, this June, It's just about $300k, How can I gift the property to my son when my son turn 18 in about 5 months later without trigger any taxes? Thank you and Have a blessed week.

[@myobmyob2215]

What about gifting 15,000 worth of property every year (same property, same beneficiary)

[@Nnnqqq689]

Thank you so much for the info. can I ask if I need to pay capital gain tax when I sell a gifted car. I got this car for free from my parents basically I paid 0$ on the car a couple years ago. and now Im selling it for 7k. do I need to pay tax on 7k profits?

[@thestoneyloveshow7270]

My dad gifted my brother a funeral home that my uncles built and a restaurant in 2017now his step kids has found out about it he saying my brother took his property and he wants it back ? Now we are in court

[@ralphramirez3671]

I think we screwed up. My wife mom gifted us a home worth million plus. We been renting. It's been a rental since the seventies. What can we do. Gift it back ?

[@suzannem7730]

Does it make sense for a husband and wife to establish an s-Corp for rental properties? If the property is in an LLC is there really any other option? Is is correct a partnership could leave the husband and wife open to being sued?

[@SabrinaB412]

I appreciate your explanation of how the tax laws work. I recently took a basic tax class. I passed it but I did not feel that I understood it well enough to prepare taxes for the company. I finally understood that it was a annual preparer position that I would not be personally be efiling the taxes; the company would do so after review. Either way it's some serious business with a hefty penalty should I make a mistake that is not caught and is viewed differently than just a mistake. Currently, I am putting myself on the task of trying to achieve a better comprehension of the information and I just wanted to thank you for your videos.

[@joziahroyce6226]

You all probably dont care at all but does anybody know of a way to log back into an instagram account? I stupidly forgot my password. I would love any help you can offer me.

[@natdc269]

If we were to refinance the home to be added on the title alongside the parents, would there be tax ramifications like you mentioned in the video? Or is the transfer on death the better option over all to inherit the step up in basis you mentioned in the video?

[@chungyuanmui5295]

I understand that there is a limit to the amount of gift a year one can give to another person without tax implications. Is there a dollar amount an individual can receive every year?

[@Just1satoshi]

What if the parents were to sell the house and gift the cash ?

[@krisl1013]

I sold a rental property to my son with the seller financing. Now I’d like to buy it back from her. She still has $100k mortgage to me. Which is better? 1. She gifts me the property 2. I purchase it from her And I’d like to inherit it in the end. And what would be my base? Thanks for your insight

[@BellaCinco]

My mom wants to gift a house to me. I’ve been telling her to wait but she wants to give it to me and work it to my advantage. When she transfers the house and I would be able to do a 1031 exchange to buy a house I would enjoy correct?

[@fredygonzalez962]

Greetings I have a question My parents sold me their home and gifted me and my wife 83k as equity gift towards my property loan.. How much money in taxes do my parents are facing? Thanks

[@brianprovorse4479]

Based off what he said, if they haven't gifted up to $11.5m OVER the normal exclusion amount ($15k each per person per year), then they will not have to pay any taxes because the excess (in your case should be $53k because they can each gift you $15k/yr) will come off the $11.5m. I hope that makes sense.

[@marycalvert-mg6dr]

What if you put your keds on the deed with you

[@balderrama25]

I have a situation and i hope someone respond to me, my girlfriend and i brought a duplex for $295k now is value at $400k we only owe $220, duplex is only under her name but now i have to transfer it under my name and get her off the title, what if she sells me the house for the outstanding loan($220k) and gifts me the rest of the value and i get a loan fha and I live there for 2 years? Do i have to pay taxes on capital gains? And what taxes she has to pay?

[@cameron9643]

No depreciation recapture

[@proudchristian77]

What is house is iffy & worth 50.000 maybe ?

[@proudchristian77]

I'm 58 & a foster kid & would like to move away! Daughter lives with me .

[@sarahzhang1]

What if is a foreign gifted property?

[@rachelg1372]

Ok but what do you think now that the Biden administration is thinking of getting people with the unrealized gains??? I live in my relatives house, they are older.... should they transfer to me prior to this possible elimination of step-up????

[@mariafernandagutierrez2984]

Hi Efros!, I am in this situation right now. My parents (NON US RESIDENTS) sold their house to me and my husband. They bought their house in 2012 at $245k and sold it to us in 2022 at $380k (including $80k as gift of equity). For more context, at the moment of the closing, the house was appraised in $650k. NOW!!!, in 2023, when all of us are going to declare taxes, our CPA is telling us that my parents (the sellers) must pay the taxes that correspond to the TOTAL GIFT = $80k (gift of equity) + $270 (reduction of the selling price). This, translate in over $80k in taxes that my parents have to pay. Please, let me know is this make sense to you. I know that as NON US RESIDENT, they don´t have a gift exemption.

[@mr2goulart-mineiro113]

Hi Maria, I have a very similar situation to yours, except I’m the one thinking about gifting the house. Have you been able to confirm whether your parents will need to pay the 80K in taxes?

[@arttyree4504]

The word is GIVING--not "gifting."