TaxAudit Blog

Tag: gift tax

House with a Sold For Sale Sign in Front of it

My brother's wife died and he was left with the house. He gifted (no exchange of money) me the house and I sold it. How do I report capital gains?

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House sitting on money

Your son does not need to report or pay tax on the $70,000 you gifted him from the inheritance your wife received from her mother’s probate! Let's explore more.

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Probate puzzle piece on wooden house

Consider the potential risks and benefits before adding an adult child or caregiver as an owner of your home, bank account, credit card, or any other asset.

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House prices going up

The reality is you can sell your house to your child, grandchild, or anyone else for that matter, for $1. But just because you can doesn’t mean you should.

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Yellow house with white fence

Before signing on the dotted line, it’s important to understand the potential tax, liability, and equity issues of transferring your house deed to your child.

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Yellow house with white fence

I gave my daughter $10,000.00 for a down payment on her house. It was earmarked in our trust to be paid to her on our death. I inherited the money from her...

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