Skip to main content
February 21, 2021
Question

Someone signed over a property and a house to me. Do I need to include that on my return?

  • February 21, 2021
  • 1 reply
  • 0 views
No text available

1 reply

ColeenD3
February 21, 2021

Not at this time, but when you sell it, you will have to show that it was gifted to you. Your basis will be the original purchase price of the donor plus improvements.

 

The donor will have to file a gift tax return.