Posted by Nate(DC) on November 07, 2002 at 20:21:50:
Yes, but you might run into gift tax issues. In general it would be better to have the property pass by devise or descent (e.g. a will) than by gift, for tax purposes. Consult a tax advisor.
NT
Changing ownership of proprety. - Posted by Diana
Posted by Diana on November 07, 2002 at 18:16:17:
Hello, and thank you for your time.
My questions are, can a home be given to a family member as a gift?
What will be required by the IRS?
Re: Changing ownership of proprety. - Posted by JHyre in Ohio
Posted by JHyre in Ohio on November 08, 2002 at 17:59:29:
Yes. The grantor would have to file a gift tax return and perhaps pay gift tax…or more likely, lose some of their estate tax credit. One option: Gift interests in the property at the rate of @ $12k per year…that amount (or more if the grantor and/or recipient are married) is exempt from gift taxes.
John Hyre