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Level 1

Question

House gift

Forum|Forum|2 years ago
February 11, 2024
2 replies
11 views

My uncle gave me a house that was run down. I originally thought I wanted to fix and flip. However, I just have no time to do so. So I am wanting to give it to my father and brother. Do I need to file anything on taxes?

Level 15

It depends on whether you transfer the property to them legally, or just let them live there.

If you legally transfer the property to them, it's the same as selling it, even if the sales price is $0. You would get a 1099-S showing the sale and you would need to report that on your tax return.

The rules for related-party sales are different than the regular rules. In simplest terms, if the "sale" of this property is a loss, you can't deduct it as a loss.

Follow this link for information about reporting the sale of a second home.

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Level 15

Are you selling to them or making a gidt to them

selling at a gain (based on uncle's basis) is reported on schedule d/form 8949

making a gift if the value is more than #34,000 (over $17,000) to each, a gift tax return is required.

Turbotax does not do gift tax returns

Mike9241