Gifting Property to Your Children [Tax Smart Daily 014]

Today we're discussing the difference between gifting property to children and children inheriting property. Enjoy!
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[@mariapilarme]

What a cute helper!

[@danaglymphdobson6278]

Second 0:12 😮 when he looked up ... Like "bruh, you're not going to introduce me"

[@TheRealEstateCPA]

A star

[@kennethparker6590]

I have know idea what the just said, but the other guy makes total sense. Thanks 👍🙂🙏

[@Ohmygaddi]

I have a question say my father owes 30k mortgage to them bank but wants to pass the house over to my name and I take on that responsibility what would be the best way to do this for tax purposes?

[@oldkid6]

My mom gave me her house via quitclaim deed last month because she was moving out of the country and meant to never move back. She changed her mind and now wants to move back into her house, which is fine and what we're planning to do. Because my name is on the deed as owner, and she's going to be living there again as her permanent residence, should I quitclaim deed the house back to her so she can then get back the tax benefits? The entire situation seems like a huge mess and I just want to clean it up and make it right for everyone.

[@kingmiller1982]

No, reap the benefits.

[@metegumus2514]

very helpful. thank you. What if the properties are under single member LLC and the children inherit the LLC itself with the properties in it? is it still at market value?

[@TheRealEstateCPA]

Yes still at FMV.

[@ujeshtare6181]

I am from India ,what if it is a gift deed to daughter in law do we still have to pay capital gains tax ?

[@disobayishness]

I’m sorry I just stumbled onto this video because I’m so confused. My gf mom changed the deed over to her brother that then gave it to his son. We’re now trying to get the home back to my gf. Tomorrow was the day it was suppose to happen but now they told us something about being on the hook for taxes even if it’s being gifted. We’re very confused and feel they are giving us the run around. We just want the house in our name. We have a new family and 6 month baby. What do you suggest we do?

[@VuNguyen-wy5ov]

would my taxes be affected if my wife and I get a house gifted to us from her parents who are foreigner.

[@user-qi8mf5pl2n]

What if I gift my home to my daughter for 150,000 which is what I paid for it. And she lives in it for 3 years before selling it for 300,000. Does she have to pay capital gains still as it’s her primary home and it’s over 2 years. Do I need to pay taxes on the sale since it’s a second home for me? I’m gifting it for the same price so I am not making anything on it. I also never generated any income on it. Thanks

[@rosewareham7958]

I want to give my property to my kids is that a good thing.. that will be they inheritance from me.. it is a vacant property?

[@cchelsoi]

What about inheritance taxes?

[@search4truthllc60]

What if it doesn't depreciate

[@fredhooshi4294]

if he inherit then he has to pay probate

[@metegumus2514]

second question: how is the market value determined at that time? the county assessment value for property tax purposes?

[@TheRealEstateCPA]

My understanding is that you can get an appraisal as part of probate.

[@kingmiller1982]

Awwww

[@alexandervargas5304]

In california the stepped up value at your death would mean your property tax would explode????correct????

[@pioneermax1906]

Do you need a realtor or lawyer to gift it

[@Adesignl]

Does this apply to homes also? Or just business assets?

[@TheRealEstateCPA]

Homes as well!

[@chita1]

I inherited a house 30 years ago worth $100.000 that i used for a rental. Its listed as an LLC. If I gift it to my daughter and she lives in it as her personal home for two years and then sells it for $500.000 does she have to pay capital gains.

[@TheRealEstateCPA]

This should generally work

[@lionmangolf]

My parents passed away leaving the estate to three of us. We can sell their house for 150k & settle the estate. We would get about 7k each. My sister wants to buy the house for 130k with gift of equity from my brother & I

[@jasperjassie]

Is this apply to rental property also?

[@kingmiller1982]

Are you even listening to the video? Or just watch with your ears plugged? He literally just gave an example of a damn apartment building.

[@mariapilarme]

Why children eyes are more expressive than adults eyes? Sorry what? I was not paying attention.

[@TiffsssLifeee]

My parents are alive and their house is paid off. They want to gift the home to me but we aren’t sure if I would be held liable for the property taxes or any financial repercussions because I don’t want that, lol. I have no plans on selling the home IF I agreed to allowing them to gift me their paid off home.

[@DancesTonight]

I’m kind of in the same situation’s and have questions about that too! It’ll be my land so my responsibility but I don’t want to get caught up either the way this guy is describing in the video.

[@user-vo2pf6tb5j]

COPY AND PASTE HEHE