S
smithgcs
Guest
What is the name of your state? NY
IF MY PARENTS GIVE ME A HOME VALUED AT 500,000 IS THERE A TAX LIABILITY TO EITHER OF US?THEY ARE OVER 65 AND ARE NOT LOOKING TO DUMP ASSETS,BUT JUST TO GIVE US A GIFT. I THOUGHT THERE WAS AN EXEMPTION OF 1 MILLION DOLLARS IN A LIFETIME. IS THIS TRUE OR IS IT THE 11,000 ?
IF MY PARENTS GIVE ME A HOME VALUED AT 500,000 IS THERE A TAX LIABILITY TO EITHER OF US?THEY ARE OVER 65 AND ARE NOT LOOKING TO DUMP ASSETS,BUT JUST TO GIVE US A GIFT. I THOUGHT THERE WAS AN EXEMPTION OF 1 MILLION DOLLARS IN A LIFETIME. IS THIS TRUE OR IS IT THE 11,000 ?