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Asked 435 days ago by a user from Cedar Hill, TX
Is there a Gift tax involed?
I read where it shows $11,000.00 per person giving personal gift, money or real property. Many years I have not heard of tax when signing property over to children. We have no savings and no community property, other than our cars. My husband recently decided to go ahead and give his son his personal property.Half was supposed to be given to him when his mother passed away. The probate apparently was never signed. It was still all in my husbands name. I had my personal property when we married. Is there anyway to get around paying tax when signing over your personal real property?
Depending on the value of the house, a gift tax return may have to be filed. However, there is no gift tax due when that return is filed. The amount in excess of the yearly and lifetime giveaway which this year is $5,120,00o is subject to tax when your husband passes.