Yes, unless it falls on the four exceptions which has the three year lookback or you happen to gift the property on the date of death while still alive (which is treated the same as giving after death). So if you are transferring a $3 million house, maybe try not to get hit by a bus after you sign the paperwork.confused on this one. Suppose I gift $1M. It is REPORTED to the IRS, but no tax is paid, or payable; it just reduces my lifetime $12.9M exclusion. so no impact in WA State. Or am I missing something?
Statistics: Posted by calwatch — Tue Apr 16, 2024 1:30 am — Replies 6 — Views 231