Asked 2/23/2008
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If I want to give my house to my nephew, what is the cost? I bought my house in 1974 for $24,000 in L.A., CA and it is now worth $800,000. How much inheritance tax would my nephew have to pay if I gave it to him now? |
Answer 1/1 - Submitted 8/12/2011
If you give it to him while you are alive, it's not inherited. It's a gift, and he would pay gift tax - lots of it.
If you give it to him in a will and wait to die, he will pay no inheritance tax. That tax doesn't kick in until a much greater value.
Seems like it would be a good idea to pay a couple bucks to an estate/probate lawyer. It could save everyone a lot of headaches down the road.
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