My name is Carmen xxxx.'I have a condo in Boynton beach Florida I like give it to my 2 sons.Like a donations, ma non vorrey fargli pagare le tsse di sucessione.Do you have any suggestion? Thank you Carmen
State/Country relating to question: Florida
So far nathing . Because I don't wath to do.
Do you want to give it to your sons now? Are you a U.S. citizen?
Yes I 'm citizen .This depend when my son came to see me.He live in N J
I;m in maine,then we will decides,but as tu be soon.The problem my condo
is for people frm 55 and over. my sons 1 is 50 in november ,the otherwi'll be
42 in october.wath can we do?
Do your restrictions require the owner to be 55+ or simply the occupants 55+?
The owner and the occupants I was president of the condo and I know some percentes can be yonger.be side that I'm asking for taxes
For taxes purposes, you can simply transfer ownership by way of a Quit Claim Deed...signing it, having it witnessed and notarized, and then recording it in the Real Property records of the city/county in which the property is located. There should be no gift tax consequences. Each donor can give $13,000 per year per person under the annual gift exclusion. In addition to that, each person has a $5,000,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,000,000 in gifts without incurring gift tax....the donor must file a gift tax return to let the IRS know how much of the lifetime exemption is being used, but there will be no gift tax until cumulative gifts have exceeded the $5,000,000.
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