Posted: Thu Dec 18, 2008 11:26 pm Post subject: transfer property as a gift to family
i want to give a property to my family as gift ( son,wife,brother ) what is the policy if i don' t want to pay tax,and i f i have to pay what is going to be.I purchased this unit for $270,000+gst and now in this market nobody buying it,last year price was 400,000.this property bought for investment and was rented out for two years.my email
"peaceandfreedom55@hotmail.com"
If you gift a property to someone, you will be incurring gift taxes.
However you should note that there are certain cases in which you can get gift tax exemptions. Gift transfers up to $12,000 per person per year are not subject to the tax. Moreover a lifetime gifting limit of $1,000,000 is allowed. Once you cross this limit, you will incur gift taxes. Apart from this, when you gift a portion of the property to your spouse, then it will be considered as non-taxable.
Apart from this, you will be liable to pay gift taxes. _________________ Procrastination is the enemy of your financial sucess
llandy Guest
Posted: Fri Dec 19, 2008 11:43 am Post subject: car gift
my dad wants to give my 12 year old son a car as a gift can i change the car under his name at the dmv
praceandfreedom55
