Legal Question in Real Estate Law in Nevada

Gift tax

If my 92 year old Dad sells his home and want to split the proceeds with my brother & me, how much can he give us and do we have to pay taxes? Thank you


Asked on 8/21/08, 7:06 pm

1 Answer from Attorneys
James Smith James E. Smith Ltd.

Re: Gift tax

You would not have to pay taxes, but your dad can only give $11,000 per person a year without before he is subject to gift tax which is paid by the donor.

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Answered on 8/21/08, 7:32 pm


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