Maryland  |  Tax Law

Legal Question

Asked on: 2/15/11, 11:03 am

Eleven years ago, the deed to my mother's house was put in my name when she died. The house was mortgage free. I promised that my sister could always have it ( Dead beat ex husband - many outstanding debts, etc.)- My youngest sister and her children have lived there ever since. I would like to give the house to my sister so she can take out a mortgage and do many needed upgrades on the house. My sister's ex husband's bad debts will no longer be an issue for her. Can I give the house to my sister without paying capital gains taxes, and will there be a gift tax?

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