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by Takei-Shihan on August 14th, 2009
Laws vary world wide ... check your local law books or consult with a lawyer ... here in Canada, we have 'gift tax' and 'inheritance tax' for things of high value ... here, the way around that is to either have her set up a trust/trusteeship with the property an item in the trust/trusteeship and have herself as the person who controls the trust/trusteeship, and then, in her will, she just names her replacement as controller of the trust ... in this way, it is the trusteeship that owns the property, not the person ... it is like a corporation, it is a legal entity ... all that changes is the name of the person who controls it ...
... or, another way is for her to sell half ownership to you for a single dollar before she dies, then when she dies, the surviving partner automatically gets full ownership ...
How much are we allowed for tax deductible donations?
by Answerbag Staff on July 13th, 2010
| 1 person likes this
How much can be received as a gift and not be reported on taxes?
by Answerbag Staff on July 10th, 2010
| 1 person likes this
I own a car with a clear title and no lien against it. Is there a way to give it to my sister without making her have to pay a gift tax?
by Z-Weezy on August 30th, 2011
| 1 person likes this
Who pays taxes on gifts?
by Answerbag Staff on July 9th, 2010
| 1 person likes this
My sister and I have ownership of a home with my mother (84) and father (88) as life tenant. He passed away In Feburary 2009 and we would like to sell the house, it was purchased in 1960. What are the tax complications. Thank you
by TerriandPhil on May 16th, 2009
| 1 person likes this
You're reading My aunt wants to deed over her wooded property of about 77 acres.....but will i owe capital gains taxes on this if she does....?
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