2007-11-03 21:45:03 · 4 answers · asked by lab_vixen 1 in Business & Finance ➔ Taxes ➔ United States
Any thing (money and property) you receive as gift or inheritance, you (the receiver) don't pay any federal tax liability.
For any State tax liability check at your State's web site. For most of the States there is no tax.
2007-11-04 18:59:13 · answer #1 · answered by MukatA 6 · 0⤊ 1⤋
No. The donor might owe gift tax, but for most people this is unlikely. If you have a choice of being given a house or inheriting it, it is better to inherit.
2007-11-04 07:01:47 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Not when you receive it. But you most likely will when you sell it. Your basis in the house would be the basis of the person who gave it to you, what they paid for it plus any improvements (NOT repairs). If you sell for more than that, you'd pay tax on the extra.
2007-11-04 09:44:33 · answer #3 · answered by Judy 7 · 0⤊ 1⤋
Only if you sell it!
2007-11-04 06:25:48 · answer #4 · answered by da_zoo_keeper 5 · 0⤊ 0⤋