Legal Question in Real Estate Law in Florida

My father and mother own a condo in Florida. They want sign over the deed to me thei son. Are there any tax charges if this is a gift? We live in Mississippi.


Asked on 4/23/12, 9:44 am

1 Answer from Attorneys
Richard Kaplan

There could be a federal gift tax issue for which you need to check with your CPA. The form to file is 709, and as long as the gift is under $5 Million, no tax is due, but the return is.

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Answered on 4/23/12, 10:20 am


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