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QUESTION DETAIL
Related User
Votes
Please clarify a dispute between two different CPA firms that are assisting my family with the transfer of title of my Mother (who is still living home) to the three siblngs of which I am one of the siblings. One CPA has told us we can only transfer $13,0
ANSWER
The BIDaWIZ Team's Answer:
Your Mother's lifetime gift tax exclusion amount is $1M; so, if she has
not previously used any of the said gift tax exclusion amount, she can
"gift" the house, and the remaining gift tax exemption amount
will be $900K.
