Tax consequences of transferring real property between siblings

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Tax consequences of transferring real property between siblings

David Lao
Real Estate Agent · Oakland, CA · Member since 2017 · 60 posts · 25 votes

Hi, I'm based in Oakland, CA. Could someone please advise on the tax consequences of transferring a detached single family home between siblings via a gift transfer? Would the property tax basis get reassessed? Would there be transfer tax? Would there be gift tax if the amount exceeds $15,000? Thanks in advance~

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  • Angelou Masters
    Investor · Oakland, CA · Member since 2012 · 41 posts · 22 votes
    5y

    The property will definitely be reassessed. From what l can remember the transfer fees are minimal when done as a gift. 

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  • Basit SiddiqiBusiness Member
    Accountant · New York, NY · Member since 2015 · 8k+ posts · 3k+ votes
    5y

    @David Lao

    You would be required to file a gift tax return(regardless of the amount - below or above $15,000). You may not be required to pay a tax with the filing of the gift tax return. Speak with your accountant.

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