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messias · Joined: 20 Oct 2011 Posts: 1 1.52 Dollars($)

Hi

my parents own a house in Texas, the property is free and clear and they want to give me (the son) the house as a gift.

i read i have to file a quitclaim deed to transfer the house to my name, but gift taxes will apply.

I read my parents are entitled to a annual exclusion amount up to $26,000.
tThe house value is around $126,000 so if i understood correctly, my parents will have to pay gift tax for $100,000.

if this is the case, how much money will they have to pay back to the IRS?
1%? 2%

thank you

jameshogg · Posted: Thu Oct 20, 2011 11:01 pm Post subject:

Hi messias,

It is true that your parents will have to pay a gift tax for $100,000. However, as far as the amount is considered, you will have to contact a tax adviser and he will assist you in this matter. The rates may vary from state to state.

Thanks

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quitclaim deed and gift taxes

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