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June 26, 2024
Question

Property Title Transfer

  • June 26, 2024
  • 1 reply
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If you transfer a property to an heir prior to death and it is under the inheritance taxable amount, does the owner or heir need to file any tax forms regarding the title transfer

1 reply

Employee
June 26, 2024

If the fair market value of the property exceeds the annual gift tax exclusion amount ($18,000 for 2024) a gift tax return (Form 709) may be required to be filed (depends upon the circumstances).

Employee
June 26, 2024

You should consult with local legal counsel prior to transferring any interest in the property.