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 success
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
Please take a look at it. I hope it will help you.
Thanks. _________________ Good is the Enemy of Great.
subhash Guest
Posted: Mon Jan 18, 2010 3:39 am Post subject: gift
I wish to transfer the residential site which is in my name at bangalore to my son and daughter-in-law as a gift. Please let me know the procedure tobe followed
Are you in the United States? Which state do you live in? Generally, a quit claim deed helps you transfer your property to someone else. If you are transferring the property you will be referred to as grantor and those receiving the property will be known as grantees. However, it is always better to consult an attorney before transferring the property.
Mike Stevens Guest
Posted: Tue Feb 23, 2010 4:44 pm Post subject: Gifting a house
I am starting a business and would like to gift my paid house to my wife or kids to protect the home incase of a possible lawsuit involving the business that might put my home in jepordy. Can i do this without incurring taxes?
You can transfer the property to your wife or your children without incurring taxes. You can transfer it as a gift to them. You are entitled to an annual gift tax exemption of $13000 and a lifetime exemption of $1 million. Thus, you can avoid paying taxes to the extent of these gift tax exemptions. Contact an accountant or a tax advisor to know more on how you can claim these exemptions or if you qualify for any other type of exemptions.
praceandfreedom55
