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Do I have to pay taxes on a property my parents gave me?

August 21, 2008


From:  Kate
Date:  18 Mar 2008

My elderly parents have deeded a condo to me that I have been renting from them for the past 10 years. Will I pay taxes other than regular property taxes on this?

Answer

Date:  25 Apr 2008

Hello Kate,

Assuming youíre a U.S. person, the receipt of gifts is not subject to income tax. Your parents should file gift tax returns for the transfer.

(Generally I donít favor gifts of appreciated real estate by elderly parents to their children. If a reader is considering making such a gift, be sure to get tax and legal counsel before going ahead.)

Good luck!
Mike Gray

We have more answers to frequently asked real estate tax questions! We also offer up-to-date information about new tax real estate tax developments in Michael Gray, CPA's Real Estate Tax Letter.

IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this website was not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed under the U.S. Internal Revenue Code.

Do I have to pay taxes on a property my parents gave me?

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