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Transferring ownership of property to my sister

Posted on: 05th Feb, 2012 11:42 am
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?
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
Posted on: 05th Feb, 2012 09:35 pm
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:
Posted on: 06th Feb, 2012 01:06 am
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.
Posted on: 06th Feb, 2012 03:24 am
That's great!! Thanks for sharing the information in the forum as well!! :)
Posted on: 06th Feb, 2012 09:18 pm
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