Community property state gift

[QuestionGuy101]

What is the name of your state? California

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A family lives in a community property state. The father owns a property which is only under his name and without the wife's name in it. The property was a gift to him by someone else after they have married though. Now he gifts the property to his son. But since they are in a community property state, does that mean the property is regarded as jointly owned by both the father and the mother even though it is only under the father's name? If that's the case, both the father and mother have to file a gift tax return for 50% of the property. Is it right?

 

[LdiJ]

What is the name of your state? California

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A family lives in a community property state. The father owns a property which is only under his name and without the wife's name in it. The property was a gift to him by someone else after they have married though. Now he gifts the property to his son. But since they are in a community property state, does that mean the property is regarded as jointly owned by both the father and the mother even though it is only under the father's name? If that's the case, both the father and mother have to file a gift tax return for 50% of the property. Is it right?

Gifts and inheritances usually remain separate property in community property states, as long as they are not co-mingled with community assets, and community assets were not used to maintain the property.

 

[QuestionGuy101]

Gifts and inheritances usually remain separate property in community property states, as long as they are not co-mingled with community assets, and community assets were not used to maintain the property.

Thank you. Just one moer question.

Suppose the gift is a real estate property. Is it mandatory to base the value of the gift on the appraisal value of the gifted property on the date the gift was make? What about if the donor and the donee didn't do a appraisal on the date of the gift? Does the IRS accept their best estimation of the value?

Thanks.