Gift of summer home

Technical topics regarding tax preparation.
#1
philly  
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New York
Mother dies in 2022 and leaves a summer home to her 2 sons valued at $ 500,000.
One son decides that he wants to gift his 1/2 interest to his brother with no consideration involved. An outright gift for love & affection. The brothers are very close.

Does this involve only a 709 gift tax return being filed by the donor or is this transaction subject to a taxable event?
 

#2
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10-Jul-2022 9:41am
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Northern California
Is there a mortgage? If so, did the donee brother assume the donor brother's half of the mortgage? If so, then this is a part gift, part sale transaction. If no mortgage, then a straight gift, not a taxable event.
 

#3
philly  
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New York
No mortgage. thanks
 

#4
jon  
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minnesota
To late to deny the inheritance? would it go to brother?
 

#5
sjrcpa  
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23-Apr-2014 5:27pm
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Maryland
A disclaimer has to be done within 9 months.
 


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