by Answerbag Staff on May 26th, 2010

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Is it tax deductible to gift real estate to children?

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by Julianne Harte on May 26th, 2010

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No, real estate is not tax-deductible if you gift it to your children. In 2010, the only tax-deductible real estate gifts were those given to charities. Tax may be excluded on the gift if the fair market value of the property is less than $13,000 for individuals or $26,000 for couples.
Source:
IRS: Frequently Asked Questions on Gifts
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