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nh_624
Returning Member

Real Estate Gift

Hello,

My parents gifted me their house in 2010.  Now they want me to add my two brothers on the title.  At the time they gifted me the house it was about $90,000.  Now, the house is worth about $415,000.   What are my tax consequences if I add them on the title? What do I need to file?  Is it better to just make a contract that after parents don't live in the house anymore which could be 10-15 years, that I would sell the house and after paying all taxes to split the profit.  Please advice.

Thank you

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7 Replies

Real Estate Gift

 
nh_624
Returning Member

Real Estate Gift

Besides of making the decision whether I should do another contract instead of adding to the deed, could you please explain the other parts of the question in regards to the tax implications if I do add them to the title now.

Real Estate Gift

 
nh_624
Returning Member

Real Estate Gift

How would I calculate the basis for myself and my brothers if I do equal 3 split of the property.  Also, do I have to file Form 706 or where is the gift basic exclusion amount is calculated?

Real Estate Gift

 
nh_624
Returning Member

Real Estate Gift

I am still unclear if I have to owe gift tax after the $18,000 exclusion to each of my brothers?  I never gifted real estate to anyone else before.   Isn't there a $12,920,000 gift exclusion for real estate?  I am also planning to transfer my own personal residence into a revocable living trust for the benefit of my children.  Is this also considered a gift when I put my personal residence into a trust and is it also added to the $12,920,000 exclusion?

Real Estate Gift

 
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