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Best way to buy a house for another person? [USA]
(lemmy.world)
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I would not "[transfer] the deed" for a house without it being part of a sale or talking to a legal and tax expert beforehand, since that could come with rate of tax of 40% for the IRS alone: https://www.irs.gov/businesses/small-businesses-self-employed/gift-tax https://www.irs.gov/instructions/i709#en_US_2024_publink1000292384
If the owner of the house is worth a lot and dies, the IRS could take 40% too: https://smartasset.com/taxes/all-about-the-estate-tax
There is a an "annual exclusion" that applies to gifts so that might help you transfer wealth without anyone dying: https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-gift-taxes