Posted on: 08th Oct, 2009 10:23 am
i am about to enter escrow in for a condo in san diego. i am a canadian citizen and because of some very silly customs laws i cannot own property when i cross the border with my visa. i was told by my realestate agent that i could sign it over to my parents using a quit deed and then do this again at some point in the future to get the title back. however, i have been reading about these gift taxes on the forum, if i quit deed to my parents and the home if worth 171k will i be subject to any kind of tax? does it matter that i am not a us citizen?
thanks,
r
thanks,
r
nope
you are not liable to pay any taxes
you are not liable to pay any taxes
Hi Guest,
If you cannot own a property in your name in US due to some laws, then I don't think you would be able to purchase the property in your name. Your parents, if they are US citizens, can purchase the property in their name. In future, if they transfer the property to you, then they would be responsible for paying the gift taxes. However, there are certain exemptions in case of gift taxes. To know about it, check out the following page:
http://www.mortgagefit.com/gift.html#111114
Thanks
If you cannot own a property in your name in US due to some laws, then I don't think you would be able to purchase the property in your name. Your parents, if they are US citizens, can purchase the property in their name. In future, if they transfer the property to you, then they would be responsible for paying the gift taxes. However, there are certain exemptions in case of gift taxes. To know about it, check out the following page:
http://www.mortgagefit.com/gift.html#111114
Thanks