I was deeded property that my dad and 2 of his siblings received via intestate. I believe the property has transferred 3 times via intestate. My dad has lived in the house his entire life. He is coming to live with me and my family. California is the state. Which taxes will I have to pay? Thank you for any info

No tax at all UNLESS you sell it in a gain; If your father is a U.S. citizen or resident and the value of the condo interest that he is transferring to you is more than $14k-- which is the annual exclusion amount -- he is required to file Form 709. The lifetime gift tax exclusion amount is $5.45 million. That means taxes become a consideration once this gifting threshold is reached.

however, If you owned and lived in the place for two of the five years before the sale, then up to $250k of profit is tax-free. If you are married and file a joint return, the tax-free amount doubles to $500k.

MHough- Thank u for that info. Do my father's sibling have to file the form u mentioned also? And, if the house has gone thru 3 or 4 intestacy proceedings ( no money was ever exchanged, how is the last value determined? Thank you , once again.

Do my father's sibling have to file the form u mentioned also?=>.No unless they also gift you ;however, aslongas they give you gifts totalling more than $14k (other than totheir spouse), they probably must file Form
709.


And, if the house has gone thru 3 or 4 intestacy proceedings ( no money was ever exchanged, how is the last value determined?===>>in general original basis of the house is your basis UNLESS the FMV of the gifted house is less than its original basis