if I give my home to someone, will I have to pay taxes?

Question

And if they sell the home, how will there taxes be calculated

Answer 1

To avoid paying takes you have to make them purchase it. Draw up a contract and have them purchase it for at least 1.00. I took a business law class and learned this principle

Answer 2

2 issues:

1) Gift Tax. You will have to file a gift tax return. Gift Tax may not be owed, put the return needs to be filed.

2) With gifts, the givers basis (cost) becomes the receivers basis. For example, if you paid $50,000 for home and you give it away and the person sells for $150,000, the receiver of the gift would have to pay tax on the $100,000 gain.

Answer 3

listen to destined2, sell it for a buck