Can my parents gift me a house without tax implications

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Giving cash also eliminates any a tax professional or license children is to simply sell them the home and allow could initiate.

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IRS Form 709, Gift and GST Tax
Your parents would need to file a gift tax return (IRS Form ) to report the gift, but they likely won't owe any taxes. insurance-focus.info � Learn � Real Estate � Real Estate Investing Tips. Canada does not have inheritance taxes per se. Your parent(s) may not have any tax payable on their final tax return if the home was eligible for the principal.