Legal Question in Business Law in Florida
I'm a 76 yo father and have income of about 75K annually and own 2 condos that are lean free. I would like to pass one of them to my son (income over 1Million) so can deduct the interest and expense that I can't use. Let me know what I should do??
Asked on 3/07/18, 9:11 am
1 Answer from Attorneys
Alan Wagner
Wagner, McLaughlin & Whittemore P.A.
If it is free and clear, there is no interest. You would also face gift tax liabilities
Answered on 3/10/18, 6:45 pm
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