Do I have to pay taxes on a property my parents gave me?
August 21, 2008
Date: 18 Mar 2008
My elderly parents have deeded a condo to me that I have been renting from them for the past 10 years. Will I pay taxes other than regular property taxes on this?
Date: 25 Apr 2008
Assuming you're a U.S. person, the receipt of gifts is not subject to income tax. Your parents should file gift tax returns for the transfer.
(Generally I don't favor gifts of appreciated real estate by elderly parents to their children. If a reader is considering making such a gift, be sure to get tax and legal counsel before going ahead.)
We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.
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