Hello. I am transferring ownership of my apartment in Paterson, NJ to my uncle. What, if any, additional taxes would I have to pay in doing so? Thanks.
State/Country relating to question: New Jersey
hello, my name is XXXXXXX, XXX I'm happy to help you today
there may be capital gains to pay, provided the apartment was sold for more than you paid for it OR if gift taxes if gifted to him
he will be taking over the mortgage balance
okay, understood. if the mortgage payments are greater than $13,000 per year, then gift taxes will be due by you
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sorry - it is more than $13K. appx how much would the gift taxes be?
okay, checking rates...
the tax rate would depend on your other taxable income etc.
if you're married then $13,000 per person or up to $26,000 maybe gifted annually
i see. i am married so if it's less than $26K then i would not have to pay a gift tax?
yes, that's correct
and that's it? no other taxes?
yes, that's it. no other taxes are due under these specific circumstances
ok, thanks a lot!
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