Gifting Property while living

[@sinonwei9045]

Thanks that was very helpful !

[@stephenzetts1839]

What if the gifted house becomes your primary residence? Would you still be subject to capital gains if you decide to sell?

[@stbam1965]

Our government shouldnt get anything when you die.it goes to family.

[@davida6146]

Agreed 👍

[@papajoe5331]

I agree... if this property stays in the family to my kids or grandkids it gets tax two three more times.. which is BS

[@alanaldpal950]

That’s why you should vote….. elections have consequences

[@chita1]

I inherited a home 30 years ago worth $100,000. I used it as a rental since then. if I gift it to my daughter and now the house is worth $500,000 and she lives in it for 2 years and sells it for $500,000 does she have to pay capital gains?

[@aemsiw3798]

What if you put the property in an LLC and then change LLC ownership from your name to your adult child's name?

[@ashcraftfirm3553]

You are still gifting shares of the stock of the business and still operates under same rules.

[@papajoe5331]

I have the same scenario.. dad ( in California) has a Living Trust now want me to take over the rental property that is in his trust...he is tried of maintaining building now wants me to take it .. still owes 40k to i buy it or gift? or?

[@ashcraftfirm3553]

The best for taxes may be to keep in trust, maintain it there and then wait for your dad to pass away. Another question is who should realize the income from the rental for tax purposes. Give us a call: 951-304-3431 if you like. We can help administer trusts and it may save you gobs of taxes.

[@CARLOSGONZALEZ-kq1od]

Hey joe I’m in the same boat, don’t know what to do

[@papajoe5331]

@@CARLOSGONZALEZ-kq1od not yet.. I haven't had time to call my accountant... which is my first call

[@CARLOSGONZALEZ-kq1od]

@@papajoe5331 I just checked primary home will not get reassess parent to child but rentals will get reassess to current value prop 19 started January 2021

[@CARLOSGONZALEZ-kq1od]

@@papajoe5331 a trust doesn’t protect you from non Reassess it only protects you from pro bait

[@eggdogwithmanners7893]

What if your kids don't have a primary residence so the house you are gifting to them will be their primary residence. They wouldn't have to pay capital gains tax on the future sale of it would they?

[@ashcraftfirm3553]

That may be the case. Property tax rules act differently than usual in this case too, sometimes.

[@rikpatel9396]

My father has a paid off property worth $500k that he wants to transfer in my name via a quitclaim deed. It exceeds the $15000 gift tax limit, however, what gift tax do we have to pay? Or is it a matter of filing the 709 tax form. My CPA is also mentioning that we have to pay a capital gains tax?

[@davida6146]

Are you in Canada? Basically there is no gifting tax, just probate fees... however that depends if it's his primary or secondary home...

[@stbam1965]

Dont give to charity when you die.

[@kauigirl808]

Got no one else to give to.

[@stbam1965]

@@kauigirl808 I'm sure you will onr day. Your probably young.

[@alanaldpal950]

@@kauigirl808 you can always give to…… me 🙃