If a relative gifts me say $300k can this amount be deducted from the unified estate tax exemption? i.e. the exemption is 2 million so the $300k is deducted from this amount leaving an available credit of 1.7 million?

Also if I am gifted a house what amount of the sale price will be subjected to taxation?

 

There are cap limits on one time gifts...may have to have it given to two people like, your kids and wife etc.

I'm available if you need to have it gifted according to "blue sky's laws"

 

I are nigerian businessmen. I am abel to help yu with yur money needs. Pleese email me att scamsrus@nigeria.gov

 

Thanks, I have done some more reading and think I have it figured out but I still better see a tax accountant.

Shall I put you down for a couple hundred K?

 

only if you regift it, and do it right away
and spread the wealth amongst you're F150 board buddies

 

Yes yes I am a Romanian bancer and can help you fuffill yor needs. Please send banc account numbas for tranfer...

 

Viper comes first!

 

yes find a good accountant, better to find a Tax Attorney or Estate Attorney. I happen to have one 2 doors down but you need one.

Secondly, money gifts and real estate are two different animals when it comes to tax laws and gifting. But based on what you are saying I have a good idea what the reasoning is. If there is a life changing event taking place and nothing is put in place that person,could loose that property to the state....so its best to gift, sell for 1.00 etc to loved ones. There many loops out of that so again find a good attorney.

Best of luck

 

You won't pay taxes on the house until you realize the profit, i.e. sell it unless you're not going to live in I think.

But take others advice, get a tax attorney or similar who is legally bound tp protect your interest. And congratulations, hopefully your good news goes smoother than our has far.

And for anyone with a sub-prime mortage, screw you

 

The person who gives the gift pays the gift tax on the gift tax return. As far as what the gain is if you sell the property the basis was carried forward at the time of the gift and you may or may not have a gain for tax purposes when you sell. You really should follow the advice given already about finding an accountant who specializes in gifting.