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For Caregivers

Question: My parent transferred to me the title of his/her home. Do I need to report this transaction to the IRS?

Answer:

Yes. If certain conditions apply, this transaction would be considered a taxable gift from your parent to you.

Generally, your parent must file a gift tax return (Form 709 (PDF)) if any of the following apply:

  • Your parent gave gifts to at least one person (other than his/her spouse) that are more than the annual exclusion for the year. For 2013, the annual exclusion was $14,000 and remains at $14,000 for 2014.
  • Your parent and his/her spouse are splitting a gift.
  • Your parent gave someone (other than his/her spouse) a gift of a future interest that he or she cannot actually possess, enjoy, or receive income from until some time in the future.
  • Your parent gave his/her spouse an interest in property that will be ended by some future event.

Note:  If any of the above conditions apply, your parent is required to file a Form 709, even if a gift tax is not payable.  See the Instructions for Form 709 (PDF), United States Gift (and Generation-Skipping Transfer) Tax Return, and Publication 559, Survivors, Executors, and Administrators, for additional information on gifts.


Category: IRS Procedures
Subcategory: For Caregivers

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:
IRS, Tax Products Coordinating Committee
SE:W:CAR:MP:T:T:SP
1111 Constitution Avenue NW
Washington, DC 20224