Can a propety ower gift their property to a family member without some sort of tax on it?

My father and mother want to gift their property to me. Can I take accept it without a tax penalty? The property is about 5 acres and the estimated value is $105,000 approximately.

Asked on August 14, 2012 under Real Estate Law, Oregon


M.T.G., Member, New York Bar / FreeAdvice Contributing Attorney

Answered 8 years ago | Contributor

I wound contact either the Oregon Department of Revenue or an accountant in your area.  But it is my understanding that Oregon does not  impose a gift tax and does not require one for transfers on or after January 1, 1987.  So you are in the clear.  But speak with some one about maybe just changing the deed to add you with rights of survivorship.  Good luck.

IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.