Deduction on Donation of Real Property

[lipepe]

What is the name of your state?What is the name of your state? MD

My mother and I own a house as joint tenants with her as the primary owner (in her SSN). We want to donation it to a religious organization. Since my mother can't use the deduction, can I use all of the deduction, which will have to carry over in subsequent years.

 

[abezon]

Have mom quitclaim the house to you, then you donate it. Mom will have to file a gift tax return.

 

[lipepe]

Deductin on Donation of Real Property

Thanks for the advice of quitclaim. Does filing a gift tax return involve paying some kind of tax? If so, on what basis is the amount assessed by IRS? Thanks again, in advance.

lipepe

 

[abezon]

Unless mom's estate is likely to be over $1.3M, filing the return will have no effect on her estate taxes. She won't pay gift taxes on the quitclaim to you.

 

[lipepe]

Abezon, thank you very much for the info.