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praceandfreedom55 · Joined: 18 Dec 2008 Posts: 1 1.74 Dollars($)

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"

[Link deactivated as per forum rules. Thanks.]

adonis · Posted: Thu Dec 18, 2008 11:51 pm Post subject:

Welcome praceandfreedom,

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.

Guest

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

Niicss · Posted: Sat Dec 20, 2008 1:34 am Post subject:

Hi llandy

A query similar to yours has been answered in the given link:
http://www.mortgagefit.com/propertytransfer/car-gift.html

Please take a look at it. I hope it will help you.

Thanks.

Guest

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

jenkin7 · Posted: Mon Jan 18, 2010 11:36 pm Post subject:

Hi subhash,

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.

Guest

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?

jenkin7 · Posted: Wed Feb 24, 2010 10:17 pm Post subject:

Hi Mike,

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.

Guest

my sister wants to gift me her house, how would she go about doing this and how much would it cost? How would the tax thing work? i was reading that the lifetime gift can be up to $1,000,000 is tax exempt?

savior70 · Posted: Wed Apr 07, 2010 3:11 am Post subject:

To sovanny,

It is true that a person is entitled to a lifetime gift tax exemption of $1 million. One is also allowed to gift up to $13k annually without paying any gift tax. Thus, your sister can gift you her house and she can avoid paying tax, given the value of the gifted property does not exceed the lifetime gift tax exemption limit.

Guest

savior70, I'm not 100% sure that the lifetime gift tax exemption applies to gifting property. I emailed the writers of "Subject: Tax Code - Estate and Gift Tax" asking if it applies. One responded: "Please don't confuse the annual exclusion with the current year's zero tax on estates. I don't know how to gift property. Cash is easy to transfer with no tax consequences, you transfer the annual exclusion amount each year."

So, I googled "how to gift property," and found "Giving Property As a Gift Requires Creative Tax and Financial Planning." It's an old article, so change every $11,000 to $13,000 and it should solve all your questions.

Guest

Can I gift property to my daughter without her spouse having any rights to the property?

jerry · Posted: Tue Nov 09, 2010 2:39 am Post subject:

Hi Guest,

You can transfer the property to your daughter's name in order to make her the owner of the property. Unless you add her husband's name to the property, he won't be able to claim any ownership rights to the property.

Thanks,

Jerry

Guest

My father gifted property back in 2005. The fair marker value id 91,000.
I plan to sell the property in 2011. What will my tax liability be?

jerry · Posted: Mon Feb 14, 2011 2:27 am Post subject:

Hi SteveW,

If you earn a profit from the sale of the property, you will be liable for paying capital gains taxes.

Thanks,

Jerry

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