Posted on: 20th Dec, 2010 08:24 pm
I am trying to figure out the best way to transfer 120 acres of property to my son without the government taking me to the cleaners . What is the best way to do this without costing an arm & leg.
Hi Joey!
Welcome to forums!
You can use a quitclaim deed in order to transfer your property to your son. However, if you transfer the property as a gift, then you will be liable for paying gift taxes. However, there is an annual gift tax exemption of $1 million.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
You can use a quitclaim deed in order to transfer your property to your son. However, if you transfer the property as a gift, then you will be liable for paying gift taxes. However, there is an annual gift tax exemption of $1 million.
Feel free to ask if you've further queries.
Sussane