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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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.
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?
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?
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