How much can you give away without tax penalty in New Mexico

Christy - a person can give cash and property valuing $14,000 in 2013 without having a taxable gift.  However, just because you have a taxable gift does not mean you will owe a gift tax.  Starting in 2011, a person can give away either during life, at death or a combination of life and death taxable gifts totaling $5 million without having to pay any taxes.  Until your father gives away more than $5 million in taxable gifts, he will not owe any gift taxes.  If your father's total wealth is less than $5 million, you will not owe any taxes whether he gives you the property during his life or at death.  I highly recommend that any real estate or investment assets your father owns not be given to anyone while he is living.  By waiting until he passes away to inherit the property, the heirs will get a new income tax basis in the property which will save them income taxes when they sell the property after your father passes away.  I hope this helps.