Legal Question in Real Estate Law in Texas
Real Estate
My wife and i own our home and my wife recently died. I would like to give our house to my son but do not want to have to pay taxes. How do I do this?
Asked on 10/10/08, 7:51 pm
1 Answer from Attorneys
Cheryl Rivera Smith
The Smith Law Firm
Re: Real Estate
Texas has no transfer taxes. However, before making the gift, you may want to check with a CPA or attorney. The gift could delay future Medicaid benefits. Also, your son will take the house at your basis if he receives it as a gift, but if he inherits it when you die, he will receive it at a stepped-up basis which may have a huge effect on future capital gains taxes.
Answered on 10/11/08, 8:13 am
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