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davidw19
New Member

Will I owe any gift or income taxes on a house I received as a gift from my parents?

 
1 Reply
Howard1948
Level 7

Will I owe any gift or income taxes on a house I received as a gift from my parents?

No.  The recipient of a gift does not pay Federal income tax on the gift.  The giver of a gift, however, may have to file a Gift Tax return if the gift value exceeds $14,000 per giver.

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