My father and mother own a condo in Florida. They want sign over the deed to me thei son. Are there any tax charges if this is a gift? We li...

Question

My father and mother own a condo in Florida. They want sign over the deed to me thei son. Are there any tax charges if this is a gift? We live in Mississippi.

Answer

There could be a federal gift tax issue for which you need to check with your CPA. The form to file is 709, and as long as the gift is under $5 Million, no tax is due, but the return is.