by Lamp on August 14th, 2009

Lamp

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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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  • by Takei-Shihan on August 14th, 2009

    Takei-Shihan

    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 ...

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  • by anguilla on August 14th, 2009

    anguilla

    I think you would owe capital gains tax if you ever sold the land. Then you would be taxed how much more you sold it for than it was worth when you got it.

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