[CPApracticer]

If the father gives to his son a home with 300k, does that get taxed? Will there be any gift exclusion rules that apply?

F: 54 (4/13) 60 (4/14) 67 (9/14) 66 (10/14) 63 (11/15) 79 (2/16) PASSED
A: 60 (5/13) 80 (4/16) PASSED
R: 60 (7/13) 61 (2/15) 70 (4/15) 77 (7/15) PASSED
B: (6/16)

[yamar]

It just goes against his lifetime unified credit. He'll have another $5,040,000 to give away before he is taxed. State situation may be different.

FAR: 65,49,61,74,78
AUD: 65,68,64,78
REG: 56,77
BEC: 75

[Anonymous]

Note that if it's grandfather to grandson, it would be different – then you have to deal with generation-skipping tax as well. If I'm not mistaken, though, there's still not any actual tax, but a gift tax return would be required to be filed (can't remember if the father-to-son requires a return or not).

[Author]

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