Legal Question in Real Estate Law in Louisiana
What is the maximum amount that can be donated between a parent and child in land and dollars. We live in Louisiana and the property is in Texas if that makes a difference.
Asked on 9/09/10, 12:45 pm
1 Answer from Attorneys
Martha Amanda Mandi Lucas
Mandie Seale Lucas
This is actually a tax question and an estate question. You should check with a tax expert, but I believe you can give up to 10,000.00 to a child in one year. In Louisiana, you can donate property to anyone during your lifetime, you just may have to identify a reason for doing so or that you received some compensation-$1.00 or that the child has performed services for you. You should be able to donate property in another state while in Louisiana as long as you are a resident of Louisiana. You may want to re-check this with a Texas attorney.
Answered on 9/14/10, 4:29 pm