Can my parents just straight up give me their house?

[Anthony Sinigaglio]

My dad and I have partnered up to invest in real estate. His credit is lousy but his house is paid off. My credit is good. Can he just give me his house, and later on I utilize the equity and my credit score for a refi?

[Natalie Kolodij]

They'll only pay gift tax if they've already gifted the 11.4 million dollar limit. 

If they give you something over $15k they will have to file a gift tax return, but it's just for reporting. There is no tax due until they reach that lifetime limit. 

This is why it's important to check with your tax professional and not the internet sometimes.