No money or other consideration involved. House was in his name, now mine.
There will probably not be a gift tax consequence. However if the equity transferred t you exceeds $14,000, you brother should file a federal gift tax return even though there will be no tax.
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As Mr. Tupitza indicates, if the value of the home exceeds $14,000, your brother may have to file a federal gift tax return to report the transfer. Unless the home is worth more $5,340,000 there will be no tax , but your brother's lifetime gift tax exclusion amount will be reduced by the value of the home.
Be sure that the deed is properly recorded, notify the assessors office of the transfer (They can provide you with a Property Transfer Affidavit for this notification.), and pay the property taxes as they come due semi-annually.
You haven't identified the other parties involved in this question so I cannot determine whether I may have a conflict in this matter. Should it turn out that I have an attorney-client relationship with any of the other parties, my response to this question will not prevent me from continuing to represent an existing client.
State, Local, and Municipal Law Attorney
There are many parts missing from your question. There could be gift taxes due from your brother, there may be other taxes as well. You need to confer with a competent real estate attorney. John W. Drury
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