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Returning Member
posted Jun 26, 2024 9:18:14 AM

Property Title Transfer

If you transfer a property to an heir prior to death and it is under the inheritance taxable amount, does the owner or heir need to file any tax forms regarding the title transfer

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2 Replies
Level 15
Jun 26, 2024 9:23:19 AM

If the fair market value of the property exceeds the annual gift tax exclusion amount ($18,000 for 2024) a gift tax return (Form 709) may be required to be filed (depends upon the circumstances).

Level 15
Jun 26, 2024 9:24:21 AM

You should consult with local legal counsel prior to transferring any interest in the property.