Legal Question in Tax Law in California

If my wife is added to her parents property deed, will it be considered income and will she be liable for taxes this year?


Asked on 10/22/10, 11:17 am

1 Answer from Attorneys
George Shers Law Offices of Georges H. Shers

It will be considered a gift that will reduce her parents life time limit on gift amounts [probably nothing to worry about]. But it often is best for parents not to give such gifts to their children; please see the numerous prior answers to this question. Any rental income will be considered income for tax purposes.

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Answered on 10/28/10, 1:51 pm


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