Posted on: 14th Dec, 2008 05:06 am
Hallo
None resident wants to transfer his property to daughter who is a US Citizen , please read and help...I am a none resident of the United States.
My property I am writing of is located in California.
It is a farm property worth probably about 1.5 million dollars and a commercial property worth around 400000$.
All together it may be worth up to 2 million $
However I am a none resident of the US and my daughter is a US Citizen.
Does anyone know about how much in Taxes I will have to pay the US goverment ?
Also I have an Idea to sell the property to her for a very low price. Can I do that legally .
For instance:
I have inherited that property.
The farm had by than in 1984 a value of 325000$ and the commercial real estate was worth by than 120000$.
Could I sell my daughter that all for this amount of money and have her pay me in live that money back.
That money I would use for my pension and spend it the rest of my live ?
Also another scenario
Could I give that property to my daughter and make a certain deal with her , that she will have to pay me for live time a certain amount of pension.
I would prefer that she will have to pay me for life time a certain amount of money as a pension ?
Thank you for reading this and please answer me the best as you can.
I hope to hear from someone.
With best regards David
None resident wants to transfer his property to daughter who is a US Citizen , please read and help...I am a none resident of the United States.
My property I am writing of is located in California.
It is a farm property worth probably about 1.5 million dollars and a commercial property worth around 400000$.
All together it may be worth up to 2 million $
However I am a none resident of the US and my daughter is a US Citizen.
Does anyone know about how much in Taxes I will have to pay the US goverment ?
Also I have an Idea to sell the property to her for a very low price. Can I do that legally .
For instance:
I have inherited that property.
The farm had by than in 1984 a value of 325000$ and the commercial real estate was worth by than 120000$.
Could I sell my daughter that all for this amount of money and have her pay me in live that money back.
That money I would use for my pension and spend it the rest of my live ?
Also another scenario
Could I give that property to my daughter and make a certain deal with her , that she will have to pay me for live time a certain amount of pension.
I would prefer that she will have to pay me for life time a certain amount of money as a pension ?
Thank you for reading this and please answer me the best as you can.
I hope to hear from someone.
With best regards David
Hi dl6mck!
Welcome to forums!
As far as the taxes are concerned, I think it will be better if you can consult a tax assessor. As the property is located in California, it will be better if you can contact a California based tax assessor.
Yes, you can sell off the property to your daughter at a low price. I don't think you will face any problem in that. You can add clauses to the property deed but for that you will have to consult an attorney. He will be able to draft the deed in a proper way and will also be able to tell the consequences, if any, resulting from the deed.
Feel free to ask if you have further queries.
Sussane
Welcome to forums!
As far as the taxes are concerned, I think it will be better if you can consult a tax assessor. As the property is located in California, it will be better if you can contact a California based tax assessor.
Yes, you can sell off the property to your daughter at a low price. I don't think you will face any problem in that. You can add clauses to the property deed but for that you will have to consult an attorney. He will be able to draft the deed in a proper way and will also be able to tell the consequences, if any, resulting from the deed.
Feel free to ask if you have further queries.
Sussane