2007-02-14 16:36:28 · 4 answers · asked by ckingmor 1 in Business & Finance ➔ Taxes ➔ United States
were you "given" a house or did you inherit a house?
if you were given a house, the person who gave you the gift is required to file a gift tax return Form 709. an individual can give $1,000,000 in gifts over their lifetime and not pay gift tax. this is the unified gift tax credit.
if you inherited the house, this may require filing an estate tax return.
you can read more on gift/estate tax at
http://www.irs.gov/instructions/i709/ch02.html#d0e1255
2007-02-14 17:19:50 · answer #1 · answered by tma 6 · 1⤊ 2⤋
Yes, I had monies gifted to me to buy a house. There was a cutoff amount that would not hinder myself or the giftor, which is what was done. This amount is specified by each state. Federal is the same. You must contact a realtor and perhaps a tax accountant to get a specified amount related to where the home is, not where you live. Be very careful and make an effort to read up on all of the laws that apply to inheritance, or your particular situation in which you came into possession of the property.
Best bet is contact IRS
2007-02-15 00:47:38 · answer #2 · answered by r-alert 2 · 0⤊ 1⤋
You won't have to pay any Gift Tax. The Gift Tax is paid by the giver of the gift, not the recipient.
2007-02-15 07:25:30 · answer #3 · answered by Bostonian In MO 7 · 0⤊ 0⤋
the applicable tax will be calculated on the market value of the house.
2007-02-15 00:41:40 · answer #4 · answered by Anonymous · 0⤊ 1⤋