Legal Question in Real Estate Law in Georgia

Selling Out of State Property, How much tax will I pay?

I am thinking of selling some property in Georgia. I live in California. I would then be giving the monies to my four living adult children.

How bad a hit on taxes would I take? Would it be better to wait until I die and the property is transferred to my estate?


Asked on 9/08/05, 7:39 am

2 Answers from Attorneys
Bryan Whipple Bryan R. R. Whipple, Attorney at Law

Re: Selling Out of State Property, How much tax will I pay?

I can't speak to Georgia law, but from the standpoint of Federal (IRS) taxes, it's almost always better to transfer appreciated property by will or inter vivos trust than to make a gift of it during your lifetime. Hiring a local (Georgia) tax or estate-planning advisor is well worth the fee. The areas to ask about include gift taxes and "stepped-up basis" for eventual capital gains taxes. Other issues may include the overall size of your estate, everyone's ages and tax brackets, the kids' special needs, etc.

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Answered on 9/08/05, 1:22 pm
Glenn M. Lyon, Esq. MacGREGOR LYON, LLC, Business Attorneys

Re: Selling Out of State Property, How much tax will I pay?

I would strongly advise you to speak with a tax professional. I could recommend some names if needed.

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Answered on 9/08/05, 9:22 am


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