Want to give house to son -- IRS problems?

[cottersay]

What is the name of your state?I live in California. I would like to give my house completely to one of my sons (he is 49 years old), since I only have a few years left anyway -- and I may possibly be open to a lawsuit due to other issues caused by another son. I would continue to live in this house, but I would like him to own 100% of this house now. Will he owe any IRS or California taxes if I sign the house over to him, or will he be in the clear in this regard?

Thank You,

-Jan

 

[abezon]

He won't owe anything, but you'll need to file a gift tax return. They're pretty simple. You should see a lawyer -- might want to keep a life estate for yourself.

 

[cottersay]

Thanks abezon

I appreciate the info!

-Jan