Posted on: 16th Aug, 2010 06:53 pm
I have transferred several of my properties to my son with total value of around 400K as Quite Claim Deed with no money transfer, I had no debt on these properties, they were paid in full, the question I have is, is any of us liable with any tax considering the properties could be considered as a gift, I know there is some kind of $1 million lifetime gift span but I don't really understand it, and if there is such a thing, should I file for some kind of a form in my tax returns.
Thanks
Bill
Thanks
Bill
Hi Bill!
Welcome to forums!
As you had transferred the property to your son as a gift, you would be liable for paying gift taxes for the transfer. However, you can give up to $1 million in gifts in your lifetime, before you start owing the gift tax. If you make a taxable gift, you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. You can contact a tax adviser and he can help you in this matter further.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
As you had transferred the property to your son as a gift, you would be liable for paying gift taxes for the transfer. However, you can give up to $1 million in gifts in your lifetime, before you start owing the gift tax. If you make a taxable gift, you must file Form 709: U.S. Gift (and Generation-Skipping Transfer) Tax Return. You can contact a tax adviser and he can help you in this matter further.
Feel free to ask if you've further queries.
Sussane