{"id":105705,"date":"2025-09-10T10:15:39","date_gmt":"2025-09-10T17:15:39","guid":{"rendered":"https:\/\/www.redfin.com\/blog\/?p=105705"},"modified":"2025-09-10T10:15:39","modified_gmt":"2025-09-10T17:15:39","slug":"gift-tax","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/blog\/gift-tax\/","title":{"rendered":"What to Know About Gift Tax on Property: A Comprehensive Guide"},"content":{"rendered":"<h2><b>Key takeaways:<\/b><\/h2>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Annual gift tax exclusion:<\/b><span style=\"font-weight: 400;\"> $19,000 per person in 2025 ($38,000 for couples).<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Lifetime gift and estate tax exemption:<\/b><span style=\"font-weight: 400;\"> $13.99 million in 2025, but expected to drop in 2026.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Inheritance advantage:<\/b><span style=\"font-weight: 400;\"> Stepped-up basis often saves heirs from significant capital gains taxes.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Trusts and spousal transfers:<\/b><span style=\"font-weight: 400;\"> Effective tools for transferring property when dealing with larger estates or married couples.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Gifting a property to a loved one can feel like a generous way to pass on wealth, but the stringent regulations and tax consequences of doing so are often overlooked. There are several strategies to avoid gift tax on property, but each comes with trade-offs that can have lasting financial effects.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In this Redfin real estate guide, we\u2019ll explore what strategies exist to minimize tax liability. So whether you\u2019re looking to transfer ownership of your<\/span><a href=\"https:\/\/www.redfin.com\/city\/1823\/AL\/Birmingham\" data-wpel-link=\"exclude\"> <span style=\"font-weight: 400;\">home in Birmingham, AL<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">to your spouse, or maybe your vacation<\/span><a href=\"https:\/\/www.redfin.com\/city\/11458\/FL\/Miami\" data-wpel-link=\"exclude\"> <span style=\"font-weight: 400;\">house in Miami, FL<\/span><\/a><span style=\"font-weight: 400;\">, <\/span><span style=\"font-weight: 400;\">to your children, keep reading to help find the best path forward for you and yours.<\/span><\/p>\n<h2><b>What is the gift tax?<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">The gift tax is a federal tax applied to transfers of money or property from one person to another without receiving equal value in return. Unlike <\/span><a href=\"https:\/\/www.redfin.com\/blog\/tax-benefits-of-owning-a-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">income tax<\/span><\/a><span style=\"font-weight: 400;\">, it is paid by the giver, not the recipient.<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Who it applies to:<\/b><span style=\"font-weight: 400;\"> U.S. citizens and residents who transfer assets above the annual or lifetime exemption thresholds.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>When it applies:<\/b><span style=\"font-weight: 400;\"> Only when gifts exceed the annual exclusion amount or when lifetime transfers surpass the federal estate tax exemption.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>What counts as a gift:<\/b><span style=\"font-weight: 400;\"> Real estate, cash, cars, jewelry, stocks, and even forgiving a loan.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">When evaluating gift tax, it is important to know the rules and regulations around annual and lifetime gift exemptions. This ensures that you are filing taxes appropriately and giving gifts in the most advantageous way for both you and the recipient of your gift.<\/span><\/p>\n<h2><b>The annual gift tax exclusion<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Each year, the IRS allows individuals to gift up to a set amount per recipient without needing to pay taxes or even file a gift tax return. For 2024, the exclusion is set at $18,000 per recipient, and will rise to $19,000 in 2025. If you\u2019re married, you and your spouse can combine exclusions, allowing a couple to gift $38,000 per recipient per year in 2025.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This means you can give up to the exclusion limit each year, per person, without it counting toward your lifetime exemption. This method works best for lower-value properties, or in cases where you are willing to gradually transfer ownership over a long period of time. However, for higher-value properties, spreading out gifts over multiple years may be impractical.<\/span><\/p>\n<p><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-105716\" src=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/09\/gift-tax.jpg\" alt=\"Brown house with a front facing garage that could be subject to gift tax if given to someone instead of being sold.\" width=\"1200\" height=\"674\" srcset=\"https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/09\/gift-tax.jpg 1200w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/09\/gift-tax-300x169.jpg 300w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/09\/gift-tax-1024x575.jpg 1024w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/09\/gift-tax-768x431.jpg 768w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/09\/gift-tax-267x150.jpg 267w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/09\/gift-tax-1122x630.jpg 1122w, https:\/\/www.redfin.com\/blog\/wp-content\/uploads\/2025\/09\/gift-tax-534x300.jpg 534w\" sizes=\"(max-width: 1200px) 100vw, 1200px\" \/><\/p>\n<h2><b>Lifetime gift and estate tax exemption<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Beyond the annual exclusion, the lifetime gift and estate tax exemption comes into play. Here\u2019s what you need to know:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The 2025 exemption amount is set at $13.99 million per individual or $27.98 million for married couples.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">If you gift property worth more than the annual limit, you must file IRS <\/span><a href=\"https:\/\/www.irs.gov\/forms-pubs\/about-form-709\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">Form 709<\/span><\/a><span style=\"font-weight: 400;\">, and the excess amount is deducted from the total of your lifetime exemption.<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">The exemption amount is scheduled to drop significantly in 2026 when provisions from the <\/span><a href=\"https:\/\/www.irs.gov\/newsroom\/tax-cuts-and-jobs-act-a-comparison-for-businesses\" data-wpel-link=\"external\" target=\"_blank\" rel=\"external noopener noreferrer\"><span style=\"font-weight: 400;\">2017 Tax Cuts and Jobs Act<\/span><\/a><span style=\"font-weight: 400;\"> expire.<\/span><\/li>\n<\/ul>\n<p><span style=\"font-weight: 400;\">Understanding the lifetime gift and estate tax exemption is critical when deciding whether to gift or wait for it to be inherited. Using your exemption early reduces what\u2019s left to protect your estate from federal estate taxes.<\/span><\/p>\n<h2><b>6 ways to avoid gift tax on property<\/b><\/h2>\n<h3><b>1. Give portions of the property\u2019s value over several years<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">One effective strategy is to transfer portions of the property\u2019s value over a series of years while staying within the annual exclusion limits. For example, in 2025, you could transfer up to $19,000 worth of property to a recipient without any tax implications. If you are married, this amount doubles to $38,000.<\/span><\/p>\n<p><b>Drawbacks:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">While this strategy can work well for properties with modest values, it becomes less feasible when dealing with <\/span><a href=\"https:\/\/www.redfin.com\/news\/luxury-market\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">expensive homes<\/span><\/a><span style=\"font-weight: 400;\"> or commercial real estate, since it could take decades to fully transfer ownership.<\/span><\/p>\n<h3><b>2. Split the gift between spouses<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Another method is gift splitting between spouses. This allows one spouse to make a gift on behalf of both, effectively doubling the amount that can be given tax-free in a single year.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">To take advantage of this provision, both spouses must agree and file the appropriate paperwork with the IRS. This technique is particularly helpful for couples who wish to accelerate the gifting process without exhausting their lifetime exemptions prematurely.<\/span><\/p>\n<h3><b>3. Use the lifetime gift and estate tax exemption<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">For larger transfers, the lifetime exemption can be used. If you wish to transfer a property worth $500,000 to your child in 2025, for instance, you would report the gift to the IRS. While no immediate tax would be owed, the full value would be subtracted from your $13.99 million lifetime exemption.<\/span><\/p>\n<p><b>Drawbacks:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">This reduces the protection available for your other assets, which could lead to estate tax exposure later.<\/span><\/p>\n<h3><b>4. Let the recipient inherit the property<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Another consideration is whether gifting property is the right decision at all. From a tax perspective, it is almost always better for the recipient to inherit property rather than receive it as a gift. When a person inherits real estate, its cost basis is stepped up to its fair market value at the time of the original owner\u2019s death. This means that if you purchased a home decades ago for $100,000 and it is worth $500,000 at your death, your heir\u2019s basis resets to $500,000. If they then <\/span><a href=\"https:\/\/www.redfin.com\/blog\/selling-an-inherited-home\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">sell the inherited home<\/span><\/a><span style=\"font-weight: 400;\"> for the same price, there is little to no capital gains liability.<\/span><\/p>\n<p><b>Drawbacks of gifting instead:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">If you instead gift the property during your lifetime, the recipient inherits your original cost basis of $100,000. If they later sell it for $500,000, they would owe capital gains tax on the $400,000 difference. This illustrates why inheritance is often a more tax-efficient option.<\/span><\/p>\n<h3><b>5. Transfer property to an irrevocable trust<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">For individuals with larger estates, transferring property into an irrevocable trust can also be an effective solution. Once the property is placed in the trust, it is no longer considered part of your estate for tax purposes. This can help avoid estate taxes and may even protect the property from Medicaid estate recovery. However, the major drawback of this strategy is that it is irrevocable.<\/span><\/p>\n<p><b>Drawbacks:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Once the property is placed into the trust, you cannot take it out, sell it, or use it as collateral for a loan. You must be certain that you are comfortable relinquishing control permanently.<\/span><\/p>\n<h3><b>6. Gift the property to a spouse<\/b><\/h3>\n<p><span style=\"font-weight: 400;\">Another tax-efficient strategy is gifting property to a spouse. Under U.S. tax law, gifts between citizen spouses are unlimited and do not trigger any gift tax filing requirements. This means you can transfer property of any value to your spouse without worrying about taxes. It is important to note, however, that special rules and limitations apply if your spouse is not a U.S. citizen.<\/span><\/p>\n<h2><b>Important non-tax considerations<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">While avoiding gift tax may sound appealing, it is important to look beyond the <\/span><a href=\"https:\/\/www.redfin.com\/blog\/what-are-transfer-taxes\/\" data-wpel-link=\"exclude\"><span style=\"font-weight: 400;\">tax implications of transferring property<\/span><\/a><span style=\"font-weight: 400;\"> and weigh the potential consequences:<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Loss of control:<\/b><span style=\"font-weight: 400;\"> Once you gift a property, you no longer own it. That means you cannot sell it, borrow against its equity, or reclaim it if your financial situation changes<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Medicaid \u201clook-back\u201d period:<\/b><span style=\"font-weight: 400;\"> Gifting also triggers Medicaid\u2019s five-year look-back rule, which may disqualify you from benefits if you apply within five years of transferring the property<\/span><\/li>\n<li style=\"font-weight: 400;\" aria-level=\"1\"><b>Capital gains exposure:<\/b><span style=\"font-weight: 400;\"> Capital gains tax remains a major concern for gifted properties, since the recipient inherits your original cost basis. This can result in a far larger tax bill than if the property had been inherited instead.<\/span><\/li>\n<\/ul>\n<h2><b>Wrapping up: What to know about gift tax on property<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Avoiding gift tax on property requires careful planning and an understanding of both the annual exclusion and lifetime exemption. While strategies such as splitting gifts with a spouse, using a trust, or relying on the unlimited marital deduction can be useful, it is important to weigh the drawbacks.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In many cases, inheritance remains the most tax-efficient way to transfer property. However, since every situation is unique, consulting with a certified financial planner or tax advisor is advisable before making any decisions.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Discover tax-friendly ways to transfer property, minimize capital gains, and decide whether gifting or inheriting is best.<\/p>\n","protected":false},"author":807,"featured_media":105716,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[34279],"tags":[34622],"coauthors":[36339],"class_list":["post-105705","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-selling-a-home","tag-home-selling-tips"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.7 (Yoast SEO v27.4) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Gift Tax On Property: What You Need To Know | Redfin<\/title>\n<meta name=\"description\" content=\"Learn how to approach gift tax on property with strategies like annual exclusions, lifetime exemptions, and inheritance planning.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.redfin.com\/blog\/gift-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"What to Know About Gift Tax on Property: A Comprehensive Guide\" \/>\n<meta property=\"og:description\" content=\"Learn how to approach gift tax on property with strategies like annual exclusions, lifetime exemptions, and inheritance planning.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.redfin.com\/blog\/gift-tax\/\" \/>\n<meta property=\"og:site_name\" content=\"Redfin | Real Estate Tips for Home Buying, Selling &amp; 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