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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"

[size=9:cfe55fdec2][color=Red:cfe55fdec2][Link deactivated as per forum rules. Thanks.][/color:cfe55fdec2][/size:cfe55fdec2]

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hello, I gave my married son a POA; he gifted my Sole Propietor Real Estate business into an LLC under his name while I was really ill with Depression due to my husband passing. Now, I am on the road again; and I want my business back. I cry everyday because I am afraid of the tax implications if I take over the LLC's ownership. I do not know what to do. Please, hel!!! Shelly Queens

Like | Dislike | Share | Posted: Tue, 01/29/2013 - 18:56 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

Hi Shelly,

Well, the tax implications of an LLC differ from those of corporations. LLCs use "pass-through taxation," as they don’t pay taxes. The income of the business will pass on to the owners who are called members in LLCs. They claim the profits or losses on their personal tax forms.

Like | Dislike | Share | Posted: Tue, 01/29/2013 - 21:29 | Post subject:

adonis's picture
adonis | Joined: October 22, 2005 05:04 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Thu, 12/18/2008 - 22:51 | Post subject:

Anonymous's picture
Anonymous | Joined: June 8, 2004 01:06 am | Posts: 0 | Location: New Jersey | 00 Dollars($)

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

Like | Dislike | Share | Posted: Fri, 12/19/2008 - 10:43 | Post subject:

Niicss's picture
Niicss | Joined: October 3, 2005 11:54 pm | Posts: 0 | Location: New Jersey | 00 Dollars($)

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.

Like | Dislike | Share | Posted: Sat, 12/20/2008 - 00:34 | Post subject:

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