Home as a Gift (Michigan) - any taxes?

**ddijoro** · 02-17-2007, 03:06 PM

My question is my father has many rental homes in Michigan. He gave me one that was a fixer upper, and required about $30K to make liveable. It is a nice home with about 10 acres in Lapeer County. My question is are there any taxes I must pay once he puts it in my name?

Any help or advice would be greatly appreciated.

**clemy** · 02-19-2007, 06:44 PM

Hi, you're father is the one that pays the gift tax on the property. Once it's yours, you pay the property tax and any other taxes levied by your local governments,

**Howshunting** · 02-26-2007, 03:32 PM

Clemy gave the simplest yet most complete response and she beat me to it. =))) Yes, your father takes care of all that.

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