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How Do I Transfer Property To A Family Member Tax-Free?

Transferring property to a family member tax-free primarily relies on federal gift tax exemptions. Each individual can gift up to the annual gift tax exclusion amount (e.g., $18,000 in 2024) per recipient per year without incurring gift tax or needing to report it to the IRS. For gifts exceeding this annual exclusion, they begin to reduce your lifetime gift tax exemption (a much larger sum, e.g., $13.61 million in 2024). While these larger gifts must be reported on Form 709, no federal gift tax is typically due until your cumulative taxable gifts exceed your lifetime exemption. Transfers between spouses are generally unlimited and tax-free due to the marital deduction. Be aware that the recipient usually inherits your original cost basis, which could impact their future capital gains tax when they sell the property. State gift or inheritance taxes may also apply depending on your location. Always consult with an estate planning attorney or tax advisor to navigate specific circumstances and ensure a smooth, tax-efficient transfer.

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