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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 ...
by anguilla on August 14th, 2009
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.
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
Can a gift be made in 2009 and considered made in 2008, like ira contributions can be made?
by Anonymous on April 6th, 2009
| 1 person likes this
Who pays taxes on gifts?
by Answerbag Staff on July 9th, 2010
| 1 person likes this
Are tax donations the primary motivator for generous contributors?
by LEO on February 17th, 2011
| 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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