2006-09-19 08:06:27 · 2 answers · asked by cosmo 1 in Business & Finance ➔ Taxes ➔ United States
Wow... I don't know about the actual real eastate issues involved, but since you posted this in the tax section, I'll give you the tax pros and cons.
If you give someone a gift, and it is over $12,000 (24,000 if you're married), you may have to file a Gift and Estate tax return. But don't worry too much... whatever you give goes against a lifetime allowance of $250,000 ($500,000 if Married) before tax kicks in. Yes, you did read that correctly - the GIVER has to file the return. There is no tax consequence to the recipient of a gift.
I've attached a couple of tax publications you may find helpful.
2006-09-19 08:28:24 · answer #1 · answered by Katie Short, Atheati Princess 6 · 0⤊ 1⤋
see acoounant
2006-09-19 08:08:44 · answer #2 · answered by don;t know 3 · 0⤊ 1⤋