house deed

[Valerie Russo]

Keeping the peace with whom? Apparently not you.

My wanting to keep peace... because if I don't go along with what my dad wants on this, it's going to be miserable in the house...

 

[STEPHAN]

I didn't get $25000 from my dad...

Did he not transfer 50% of a 50K house over to you?

 

[Valerie Russo]

Did he not transfer 50% of a 50K house over to you?

Yes... he put my name on the paper as 1/2 owner...

 

[anteater]

Yes... he put my name on the paper as 1/2 owner...

Isn't that a bit different from:

... we bought it cash for $50,000 ...

 

[STEPHAN]

Yes... he put my name on the paper as 1/2 owner...

So, you got something in the value of $25000 as a gift. How did you declare it?

 

[anteater]

So, you got something in the value of $25000 as a gift. How did you declare it?

Declare it where and to whom?

 

[LdiJ]

So, you got something in the value of $25000 as a gift. How did you declare it?

The receiver of a gift is never required to declare it. The giver of a gift might be required to declare it.

 

[STEPHAN]

The receiver of a gift is never required to declare it. The giver of a gift might be required to declare it.

Yes, that is correct. What year was it?

 

[LdiJ]

Yes, that is correct. What year was it?

It might be a good idea to just stop...before you dig yourself into a deeper hole.

 

[Valerie Russo]

Isn't that a bit different from:

It was bought in cash but only his name was on it until last year when he put my name on half.

 

[Valerie Russo]

So, you got something in the value of $25000 as a gift. How did you declare it?

?????????????

 

[LdiJ]

?????????????

Please ignore that. Its not relevant to you.

 

[STEPHAN]

Please ignore that. Its not relevant to you.

That is correct, my mistake. You father should have declared it, as it was above the free amounts.

 

[LdiJ]

That is correct, my mistake. You father should have declared it, as it was above the free amounts.

That really isn't correct either. Her father may have been obligated to file a gift tax return, but there would have been no actual taxes due, so he wouldn't have been "declaring" anything. He would have simply been reporting a gift to go against his lifetime exclusion for gifting. However, the amount involved is really not high enough to raise any serious red flags anyway. If it had been a 500k condo instead of a 50k condo it would be a bigger problem.

 

[STEPHAN]

Thanks for the clarification. Sorry OP, I was wrong. Will be more carefull with tax related matters in future.