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