Real estate transfer taxes????

What is the name of your state? New Jersey


My parents want to transfer a house they own, which they bought in the year 2000 for $365,000, into mine and my wifes name. Would there be any gift taxes or any other taxes we or my parents would have to pay in this transfer of ownership?



Rob

They'd have to file a form 709 gift tax return. They'd probably elect gift splitting. They wouldn't pay any taxes, but the house would reduce the amount of thier estate that could pass tax free when they pass away.