• The Tax Pitfalls Of Gifting Your House To Your Family

  • Jun 13 2024
  • Duración: 27 m
  • Podcast

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The Tax Pitfalls Of Gifting Your House To Your Family

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  • Resumen

  • With the rising costs of homeownership and the looming concerns of long-term care, it's no wonder that many parents consider transferring their homes to their kids. However, this seemingly generous act can come with significant financial pitfalls and tax consequences that you may not be aware of. Join us as Don shares some important items to consider and common mistakes to look out for…

    Here’s some of what we discuss in this episode:

    • The annual gift exclusion limit for tax-free gifts in 2024
    • Gift exclusions for tuition and medical bills
    • Contributing to a tax-free Roth IRA for young family members as a gifting strategy
    • The capital gains tax implications when gifting a house versus inheriting it
    • A few state benefits that you could lose by gifting your home to your kids

    Resources for this episode:

    IRS Home sale exclusion –

    https://www.irs.gov/taxtopics/tc701

    IRS Gift Credit –

    https://www.irs.gov/newsroom/estate-and-gift-tax-faqs

    NJ Property Tax Freeze –

    https://www.nj.gov/treasury/taxation/ptr/eligibility.shtml

    NJ ANCHOR benefit –

    https://www.nj.gov/treasury/taxation/anchor/index.shtml

    Get in touch with Don and learn more: https://doncashpodcast.com/
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