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Gift tax

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A

Athena

Guest
My father recently inherited my grandparents' house. My husband & I have lived there for 3+ years, and plan to be here for at least 3 more. We would like to have the house transferred to us, but we're wondering about any gift tax or capital gains that we or my parents would have to pay. We live in Connecticut.
 


A

ALawyer

Senior Member
You father would be giving you HIS property.

Thus to the extent its value exceeds the $10,000 per person annual exclusion -- which could let him gift a total of $40,000 per year (assuming your father is married, and his wife goes along with the gift, and the gift was to you and your spouse) it would start to eat up his lifetime $675k exclusion from Estate and Gift tax.

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