Q: We only have green cards currently. Do I have to pay federal gift tax if I include my spouse in the title to our home?
Due to some personal reasons my wife did not include her name in our home deed when we purchased our home (while we were married) last year. I currently hold title as sole and separate owner. A year later, we are well past some of our personal problems now and I want to try and include her name in the deed for our home. I keep reading that interspousal transfer of property to non-citizens is considered a gift and the yearly limit on the gift value is $152000. Does this hold true in my case and if so is there any way around this? I want to give her rights of survivorship to the home in some form. In my situation is a transfer-on-death deed in her name a better idea than interspousal transfer deed to give community property rights?
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
