How do you deal with the taxes when you are gifted a house?

Answer by  Chaneygirl (1755)

The person giving you the house should pay/file the gift tax form. Not you. If you owe property taxes, contact the city/county the house is in to pay.

Answer by  sbohanon (36)

Any property given as a gift is not subject to income tax. The person or estate giving the gift is subject to certain gift tax rules. A point to remember, only the gift is a nontaxable event, any profit or earnings made from the property is subject to income tax, and must be included in gross income.

Answer by  worker2282 (29)

First you should see in which year the house gifted to you? & How much it cost to the giver? If it exceeds a certain amount, then you file a gift tax return.