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My father is wanting to gift me his house that he no longer lives in. It is a four bedroom two bath 1971 built home in a neighborhood. What would be the taxes for the gift from either party price is listing at about 140,000.
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There probably would be no gift tax, even though a return would be required, as the current exemption amont is about 3.9 million. However, when you sell the house, there may be substantial capital gains tax as your cost basis is what your father paid for the house. If you inherited the house you would get a cost basis of the fair market value at the date of his death. You might want to consider a transfer on death deed, and/or a homestead qualifying trust.
Answered on Jun 23rd, 2025 at 5:59 PM