Did You Know You're required to Report Gifts of Real Estate?
June 13th, 2011
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When does a gift have potential tax implications?
If you give as a gift property that is valued at more than $13,000, you must file a gift tax return (Form 709) with the IRS, even if that gift is to a family member. The IRS is using state land-transfer records as evidence of noncompliance. Texas is among many of the states that have handed over information on gift transactions to the IRS. Keep in mind this filing requirement is different from the $5 million lifetime exemption amount that a person can give without having to pay gift taxes.
Read more at the Wall Street Journal.
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Whether you're interested in buying your first home, your next home, or just want to know more about home-ownership in general, I encourage you to check out a couple of great online resources: http://www.texasrealestate.com/ or https://www.har.com/. And for all of your Pearland, TX and Northern Brazoria and Galveston County real estate needs, please visit my site at: http://www.danfrankrealty.com. All of these sites offer tons of useful, real estate-related information geared specifically for Texans.
Remember, Danny Frank is a local Pearland, TX Real Estate expert! You can see my entire blog at: http://www.pearlandrealtyblog.com
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Disclaimer : The views and opinions expressed in this blog are those of the author and do not necessarily reflect the official policy or position of the Houston Association of REALTORS®
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