taxes






 

Question by  Jackie34 (16)

How do you deal with the taxes when you are gifted a house?

I was given a house and need to pay the taxes on it.

 
+7

Answer by  Chaneygirl (1755)

The person giving you the house should pay/file the gift tax form. Not you. If you owe property taxes, contact the city/county the house is in to pay.

 
+6

Answer by  sbohanon (36)

Any property given as a gift is not subject to income tax. The person or estate giving the gift is subject to certain gift tax rules. A point to remember, only the gift is a nontaxable event, any profit or earnings made from the property is subject to income tax, and must be included in gross income.

 
+6

Answer by  worker2282 (29)

First you should see in which year the house gifted to you? & How much it cost to the giver? If it exceeds a certain amount, then you file a gift tax return.

 
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