I inherited my parents home when they passed away over 10 years ago. One of my sons lived there for a time and now another son lives there. I want to give the house to him. Do I have to pay gift tax on the value of the house?
Do I pay any kind of tax like capital gains, etc.?
Probably not, but you do need to file a gift tax return (form 709).
"Gift Tax" is somewhat of a misnomer. Even though a
gift tax return may be required, very few people ever actually pay federal gift
tax. The purpose of the gift tax return is usually only to document a reduction
in the allowable estate tax exemption.
See https://turbotax.intuit.com/tax-tools/tax-tips/Tax-Planning-and-Checklists/The-Gift-Tax-Made-Simple/INF12127.html
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