Compare Mortgage Quotes

mcc · Joined: 05 Feb 2012 Posts: 2 1.61 Dollars($)

My mother died in 2010 and left her Florida condo to my sister and myself. In 2011, probate was completed and my sister and I now own the property. We tried to sell it with no luck. My sister decided we should rent it out since expenses were so high. She is handling everything since I live in another state.

The condo is worth no more than $35K. I would like my sister to own the condo outright so I do not have any involvement--she is doing a lousy job of managing the rental and keeping records and the frustrations are too much for me and my wife. My half of the condo is worth more than I can give to my sister in one year without having to file a gift tax return, something I would rather avoid. Can I give her half of my share in one year and the rest the next year? Any other suggestions for avoiding the hassles of the rental?

jameshogg · Posted: Sun Feb 05, 2012 10:35 pm Post subject:

Hi mcc,

Yes, you can give her a portion of your property now as gift and then you can transfer the rest of the property to her next year. I don't think there would be any issues. Nevertheless, you should contact your real estate attorney before taking any step and then decide about the property transfer.

Thanks

sabrinatoss · Posted: Mon Feb 06, 2012 2:06 am Post subject: Hello mcc,

Chapter 7 provides for a court-appointed trustee to make management changes, secure additional financing, and operate the debtor business so as to prevent further loss. The fundamental assumption of the proceedings is that honest debtors may sometimes not be able to discharge fully their debts and that fairness and public policy both dictate that the debtor be granted a "fresh start" in both personal and business lives.

Idea

mcc · Joined: 05 Feb 2012 Posts: 2 1.61 Dollars($)

Thanks for responding.

Just found my own answer if I want to gift all at once. Even though the gift would be from me alone, according to the form 709 instructions, I can do a split gift with my wife utilizing her gift tax exemption as well. I have to file a gift tax return showing the split gift and my wife has to agree, but there are no tax implications now or at any time in the future.

smithsussane · Posted: Mon Feb 06, 2012 10:18 pm Post subject:

That's great!! Thanks for sharing the information in the forum as well!! Smile

Company	Loan Type	APR	Est. Pmt.
				Go
				Go
				Go
				Go
				Go
				Go

Compare Mortgage Quotes

Transferring ownership of property to my sister

Helpful References

Our Community

Community Rewards

Property State:
Property Type:
Credit Rating:

All times are GMT - 7 Hours

Page 1 of 1