Posted on: 20th Jan, 2010 12:03 pm
Hello from Texas
I want to transfer my property/deed to my son.
It has been my intention to do so since I bought this property to fix up 2 years ago.
I now want to speed up the time table to give to my son due to the IRS tax problems that may end up putting an IRS Tax Lein on property here in a few months if i cannot solve otherwise.
Question ?
Can I do this without the IRS calling it a fraudulent transfer ?thanks !!
I want to transfer my property/deed to my son.
It has been my intention to do so since I bought this property to fix up 2 years ago.
I now want to speed up the time table to give to my son due to the IRS tax problems that may end up putting an IRS Tax Lein on property here in a few months if i cannot solve otherwise.
Question ?
Can I do this without the IRS calling it a fraudulent transfer ?thanks !!
Hi michaelnitka,
If you transfer the property now, the IRS will consider it as a fraud. The IRS may think that you transferred the property to your son in order to avoid the tax lien on the property. You should first clear off the tax dues and then transfer the property to your son.
If you transfer the property now, the IRS will consider it as a fraud. The IRS may think that you transferred the property to your son in order to avoid the tax lien on the property. You should first clear off the tax dues and then transfer the property to your son.