Is there tax on house that was gifted????

[tcabrera]

What is the name of your state? California

My father and my sister own a home together, still being paid for. My father quick deeded his half to me and my sister and I are now on the house title and have purchased a second home together. Are there any taxes that I am not aware of? Is this considered gift taxable?

 

[abezon]

Depending on the amount of Dad's equity, he may be required to file a gift tax return. He doesn't actually pay any taxes; he just files the return.