Legal Question in Real Estate Law in Florida
My father and mother own a condo in Florida. They want sign over the deed to me thei son. Are there any tax charges if this is a gift? We live in Mississippi.
Asked on 4/23/12, 9:44 am
1 Answer from Attorneys
There could be a federal gift tax issue for which you need to check with your CPA. The form to file is 709, and as long as the gift is under $5 Million, no tax is due, but the return is.
Answered on 4/23/12, 10:20 am
Related Questions & Answers
Looking for something else?
10,200 active attorneys ready to answer your legal questions today.
Featured Attorneys
Earn additional revenue and grow your business.
