In the U.S., the gifter has to pay federal gift tax. If you transfer a million dollar property, it will be taxed at 40%. Federal inheritance tax has an exemption up to $14 million.
It’s fucked up that you can inherit say, apartment after your parents and you can’t just give that apartment to your children so they can start their families. If they want their own they have no choice but to get long term mortgage.
In the U.S., the gifter has to pay federal gift tax. If you transfer a million dollar property, it will be taxed at 40%. Federal inheritance tax has an exemption up to $14 million.
It’s fucked up that you can inherit say, apartment after your parents and you can’t just give that apartment to your children so they can start their families. If they want their own they have no choice but to get long term mortgage.