QUESTION
Is the giftt of a house taxable to the Grantor or Grantees in Florida
Asked on Jan 12th, 2015 on Real Estate - Florida
More details to this question:
I typed a deed and gave my granddaughter my home but retained life estate rights. I showed this as a gift and want to know if this will create a tax issue.
1 ANSWER
Alex Venakides
Generally if a gift is over $14,000 you have file a gift tax return and report any amount that is given over tha amount, this is the Form 709. However, this does NOT mean that you pay any taxes. You can gift up to 5.25 million dollars worth of assets throughout your lifetime without paying any gift taxes.
Answered on Jan 12th, 2015 at 1:07 PM