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gift tax

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smithgcs

Guest
What is the name of your state? new york
are there any tax implications if my parents gave me their home or at a rate well below market value?
thanks
 


abezon

Senior Member
You get the home at their basis -- what they paid for it. You pay taxes when you sell if you make more than $250,000 ($500,000 if married filing joint). They pay no taxes but file a form 706 to report the gift. This reduces the amount of their estate that is tax free when they pass away.
 

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