Posted on: 14th Apr, 2010 11:05 am
A piece of property my brother owned outright was sold to me $1. I want to transfer that property out of my name into my parents name. What is the easiest way to do this without any tax implications to me. Is a gift deed form the best way?
Hi PikesPeak,
If you transfer the property as a gift to your parents, then you would be liable for the gift taxes. However, if the property transfer is within the gift exemption limits, then you won't be liable for paying the gift taxes. If you sell off the property to your parents, then you would be liable for paying the capital gains taxes depending upon the profit you make from the sale. I don't think you would be able to avoid gift taxes.
If you transfer the property as a gift to your parents, then you would be liable for the gift taxes. However, if the property transfer is within the gift exemption limits, then you won't be liable for paying the gift taxes. If you sell off the property to your parents, then you would be liable for paying the capital gains taxes depending upon the profit you make from the sale. I don't think you would be able to avoid gift taxes.