Cary, NC asked in Estate Planning, Real Estate Law and Tax Law for North Carolina

Q: GirlFriend and I bought a house for 280K. Paid 50-50, joint ownership 50-50. If I gift house to GF is there tax issue?

1) Will there be tax liability if I gift the house to GF? Tax liability for either GF or me?

2) Is it possible to gift part of the house annually? For example 10% first year, 20% second year and so on and 5 years later, she owns the complete house?

1 Lawyer Answer
Nina Whitehurst
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  • Estate Planning Lawyer
  • Crossville, TN

A: At the present time the gift tax exemption is more than $11 million per person. You could gift your entire share to her all at once and not incur any gift tax as long as that gift plus prior gifts made by you in the past do not exceed $11 million in the aggregate.

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