What is the best way to give our children our home without having to pay gift taxes?
Full Question:
My wife and I own a house in New York and we would like to know how we can transfer this house to our 2 children without triggering gift taxes or any other taxes. Do you recommend that we just give the house outright to them or add their names as owners?
05/04/2009 |
Category: Real Property |
State: New York |
#16536
Answer:
A gift tax may be triggered by any type of transfer for less
than fair market value, whether it is of the whole property or in a
joint tenancy with the other owners. I am unable to offer tax advice. I
suggest you consult a tax professional.
