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Posted by Ron Rosenfeld on March 12, 2007, 8:34 pm
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> No need to do that. If you make the gift, you'll need to
> file a gift tax return, but chances are high that you'll pay
> no tax.
I thought that if we did that, we would reduce the lifetime
exclusion; whereas if we split it over a few years, we could
avoid that issue.
--ron
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Posted by Stuart A. Bronstein on March 13, 2007, 6:26 pm
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>> No need to do that. If you make the gift, you'll need to
>> file a gift tax return, but chances are high that you'll pay
>> no tax.
> I thought that if we did that, we would reduce the lifetime
> exclusion; whereas if we split it over a few years, we could
> avoid that issue.
Yeah, but if you don't reduce the lifetime exemption your
heirs might not need Harlan's services to do an estate tax
return. ;-)
Stu
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
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Posted by Harlan Lunsford on March 13, 2007, 6:26 pm
Please log in for more thread options Ron Rosenfeld wrote:
>> No need to do that. If you make the gift, you'll need to
>> file a gift tax return, but chances are high that you'll pay
>> no tax.
> I thought that if we did that, we would reduce the lifetime
> exclusion; whereas if we split it over a few years, we could
> avoid that issue.
You're talking here about one property. How do you give it
over several years? Have it surveyed and deed portions of
it each year? Cost prohibitive.
ChEAr$,
Harlan Lunsford, EA n LA
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Stuart A. Bronstein on March 14, 2007, 12:03 am
Please log in for more thread options > Ron Rosenfeld wrote:
>>> No need to do that. If you make the gift, you'll need to
>>> file a gift tax return, but chances are high that you'll pay
>>> no tax.
>> I thought that if we did that, we would reduce the lifetime
>> exclusion; whereas if we split it over a few years, we could
>> avoid that issue.
> You're talking here about one property. How do you give it
> over several years? Have it surveyed and deed portions of
> it each year? Cost prohibitive.
Not necessarily. If they have an approximate cost of the
property and be sure the amount tranferred is well under the
annual exclusion amount, I'd think they'd be safe.
E.g., property worth $100,000 this year (based on an
informal opinion by a real estate broker) and with an
exemption amount of $48,000, give a 25% interest.
Stu
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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Posted by Ron Rosenfeld on March 14, 2007, 12:03 am
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> You're talking here about one property. How do you give it
> over several years? Have it surveyed and deed portions of
> it each year? Cost prohibitive.
I've not had any problems with joint ownership of other
properties.
I've sold an unrelated person a 50% ownership in a property
I owned, in exchange for cash.
Is there some reason that gifting cannot follow a similar
process?
--ron
<< ======================================================= >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>
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