Posted on: 09th Mar, 2010 12:28 pm
my wife and i did a 1031 exchange 4 years ago into a property my son and his wife owned, we have 62% they have 38% they have agreed to pay us a fixed amount for twenty years, with 16 years to go we have decided to gift back our 62% and quit receiving the rent for our investment portion, what is the best way to do this without having a tax event
Hi rcrundell,
You can use a quit claim deed in order to transfer the property to your son and his wife. As far as taxes are concerned, if you transfer the property as a gift to your son, then you may be liable for paying the gift taxes. However, there are certain exemptions in this regard. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks
You can use a quit claim deed in order to transfer the property to your son and his wife. As far as taxes are concerned, if you transfer the property as a gift to your son, then you may be liable for paying the gift taxes. However, there are certain exemptions in this regard. To know about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Thanks