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if a father wants to give his adult daughter his house what happens
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I live in my fathers 2nd home and pay rent but he just wants to give the house to me, no strings attached. He lives in Florida and the house and i live in Illinois. How does this affect his taxes
asked
Nov 26, 2013
in
Legal
by
karen
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He will need to pay gift tax. There is annual exclusion and lifetime exclusion. If you plan out, you may be able to lower the gift tax.
answered
Nov 26, 2013
by
anonymous
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