Legal Question in Tax Law in North Carolina
Property Gift Tax
We own a home that is fully paid for. We are currently renting it. If we sell it we will have to pay capital gains. My question is if we give the home to our son as a gift (no money changing hands)will be liable for taxes? How would taxing effect him ?
Asked on 11/21/05, 4:11 pm
1 Answer from Attorneys
Michael Elliott
Elliott Law Firm, PC
Re: Property Gift Tax
You will have to pay cpaital gains tax unless you meet the qualifications for the Personal Residence exclusion. This will tunr on whether you have occupied the house as a residence in the last few years.
If you do make a gift of the house to your son, you will be responsible for any gift tax consequence. There are a number of ways that the tax can be minimized or avoided, but you will need to consult with an attorney.
Answered on 11/22/05, 9:24 pm
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