report taxes??

[pyro4vida]

What is the name of your state? california

My grandmother is gifting me her half of a title for a house. Now I heard from a grandparent to a grandchild, there should be no penalties and would be exempt. My question is, will she have to report it on her taxes next year? There will be no money involved. Actually there is a loan on the house and I'm taking out a loan to pay off that one. So who will be taxed for what? My cousin ownes the other half of the title.

 

[LdiJ]

What is the name of your state? california

My grandmother is gifting me her half of a title for a house. Now I heard from a grandparent to a grandchild, there should be no penalties and would be exempt. My question is, will she have to report it on her taxes next year? There will be no money involved. Actually there is a loan on the house and I'm taking out a loan to pay off that one. So who will be taxed for what? My cousin ownes the other half of the title.

If you are taking out a loan to pay off the mortgage, then its not definite that it would be considered a "gift". You really need to go get a consult with a local tax professional. There are all kinds of potential tax ramifications.