I
iaudit2000
Guest
What is the name of your state? pennsylvania
Ten years ago my mother had my two brothers and myself put on the title to her home. She never told us about this and said that is was a $1 transaction. She is considering selling her home and moving to a smaller house and wants my brothers and I to sign the title back to her. My question is was the original transaction of title transfer a gift subject to gift tax on her part? If we sign the title back to her does this represent a gift on our part subject to gift tax? The home is worth about $250,000.
Ten years ago my mother had my two brothers and myself put on the title to her home. She never told us about this and said that is was a $1 transaction. She is considering selling her home and moving to a smaller house and wants my brothers and I to sign the title back to her. My question is was the original transaction of title transfer a gift subject to gift tax on her part? If we sign the title back to her does this represent a gift on our part subject to gift tax? The home is worth about $250,000.