Posted on: 17th Sep, 2010 06:29 pm
In California, and want to give my partner (via co tenancy) my half of the property. Preliminary estimate of total value of property is $75K, max. gross, not incl sales costs. I have given my partner no gifts in the past. No mortgage on the property. Lien free, etc.
Do I incur any tax liability in this scenario? My partner in the property would incur a gift tax, I understand, as is fully aware of this probability.
Do I incur any tax liability in this scenario? My partner in the property would incur a gift tax, I understand, as is fully aware of this probability.
Hi marjon,
If you transfer the property to your partner as a gift, then you will be liable for a gift tax. However, there is a lifetime gift tax exemption of $1 million. If you take advantage of this exemption, then you won't have to pay the gift taxes.
Thanks
If you transfer the property to your partner as a gift, then you will be liable for a gift tax. However, there is a lifetime gift tax exemption of $1 million. If you take advantage of this exemption, then you won't have to pay the gift taxes.
Thanks
Thank you for you quick response and information
You're welcome, Marjon! :-)