Gift Of Property - Holding Period
If I have received a piece of property as a gift, It is my Owner /occ property. Is there a required holding period to avoid gift tax or capital gains?
If I have received a piece of property as a gift, It is my Owner /occ property. Is there a required holding period to avoid gift tax or capital gains?
You can't avoid the gift tax, if there is any, but that's the responsibility of the donor.
To take the gain exclusion, you must own and live in the property for 2 years. Remember, if it's not a SFH, the exclusion only applies to the portion you live in.