conversation: User (sturmeagle): "Hello, my family has been talking about transferring asset to avoid invoking probate in the future when the asset is inherited.\n\nSay if my parents gift me a house that's about $500,000. As far as I understand, they'll have to report it as gift because it is above the $15,000 annual exemption, but they don't have to pay gift tax because it is well below the lifetime exemption of 11.2 million dollars.\n\nHow about me as a recipient? Any tax I need to pay or at least report? Do I have to report that as capital gains tax or something? What if I can't produce the cash to pay the tax? Would the government put a lien on it? The house is in California but I work out of state.\n\nThank you.\n"
  Self: "You may find these links helpful:\n\n- [Tax Software Megathread](http://redd.it/7r0tvv)\n- [Taxes](/r/personalfinance/wiki/taxes)\n- [Understanding tax brackets](/r/personalfinance/wiki/taxes#wiki_eli5.3A_taxable_income.2C_tax_brackets.2C_marginal_tax_rates)\n- [W-4 IRS Withholding Calculator](http://www.irs.gov/Individuals/IRS-Withholding-Calculator)\n\n*I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*"
  