Thanks. I would like to give my relative sufficient warning if it is warranted, i.e., if he is going to be in for a major tax surprise once he gifts the house to his son next year. I recall many years ago that my parents gifted the old homeplace to me and my four siblings equally in a "share and share alike" arrangement. Back then (in Alabama anyway) the house was conveyed "in consideration of ten dollars...." and once the document was filed, the house was ours and we basically just began paying the taxes and upkeep on the house after that point, until the house was later sold, at which time we each had to calculate a capital gain/loss on our taxes for that year. There were no capital gain/loss for my parents and no gift taxes for the children.You answered each question in the affirmative, that there are tax implications. Can you elaborate a bit?
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