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    Therightone's Avatar
    Therightone Posts: 1, Reputation: 1
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    #1

    Sep 29, 2006, 04:29 PM
    One time gift
    As the owner of my parent’s home, I thought to sell the property and divide the money with my seven sisters. Would I be responsible for taxes, or could I give it as a gift. I live in Philadelphia Pennsylvania, and the prosperity was given to me by my father 5yrs before his death. Thank you
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Sep 29, 2006, 04:38 PM
    Since the house is in YOUR name, you would be responsible for the capital gains taxes (unless you have lived in the house for two of the past five years).

    If the proceeds exceeds $11,000 per sister, gift taxes may be due.
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