Which state do you live in?
You have to be well aware of luton hoo promo code the income tax implications of this property transfer.
Niicss, posted on: 20th Dec, 2008 12:34 am, i wish to transfer the residential site which is in my name at bangalore to my son and daughter-in-law as a gift.One responded: "Please don't confuse the annual exclusion with the current year's zero tax on estates.There are gift giving strategies that can be used to help reduce the impact of the gift on the unified credit and thus preserve as much of it as possible to use for estate tax after he dies.My parents do own investment houses, and he is a business owner, so even though I think he would be under that, if the business counts, I'm not certain.1 hour ago, DallasGal said: Do *I* have to pay a tax or fee for a gifted estate?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.One is also allowed to gift up to 13k annually without paying any gift tax.The information in this newsletter is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties.If you are transferring the property you will be referred to as grantor and those receiving the property will be known as grantees.However, you must file a gift tax return to split gifts with your spouse.
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.
You are encouraged to seek advice from an independent professional advisor.
IRS Publication 523 covers that, including the special rule that allows you to exclude up to 500,000 of gain on the sale when certain conditions are met.
There might be a small transfer tax that the state or local government imposes on the transfer of the land that either you or your father might have to pay, though.
However you should note that there are certain cases in which you can get gift tax exemptions.
Thus, in the case of property acquired by inheritance the prior owners adjusted basis does not matter and instead what you want to do get an appraisal of what the property was worth on the day the owner died.Anonymous, posted on: 18th Jan, 2010 02:39 am, hi subhash, Are you in the United States?Get correct property estimate: First of all, you need to hire a real estate professional to estimate the value of your property that you want to gift.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.The content is derived from sources believed to be accurate.Gift tax is paid by the person making the gift, and gifts you receive are not income to you for income tax.However, it is always better to consult an attorney before transferring the property.