Legal Question in Real Estate Law in Florida
We are buying a house in florida for our son. What is the best way for us to be able to give it to them without them having to pay tax on the money? Should we put them on the title and gift them the 14,000.00 a year to have them pay us back?
2 Answers from Attorneys
This is a question that requires much more financial information than is being provided. Contact and attorney and your financial adviser and get it done right the first time.
I agree with Mr. Stein. There are things other than the initial tax on the "gift" that need to be considered as well, such as the cost basis of the property, and the transfer value as it relates to the potential for capital gains in the future. There are likely ways to accomplish what you are seeking to do, but you want to make sure that you do it right in order to avoid costly mistakes.
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