Capital Gains and Losses

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I've got my residential property which I'll like to

Hi Pearl , I've...

Hi Pearl , I've got my residential property which I'll like to subdivide in three lots one for myself ,one for my son and one for my daughter to build three town houses .Do l have to pay any c.g.t and if so on what potion. Thanks

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

Sorry I forgot to tell you I wish to give them their lots for free.Also we will be living in them once they are built.Thanks again.

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Answered in 5 minutes by:
3/26/2018
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Capital Gains and Losses
Satisfied Customers: 2,760
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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Hello!

My name is***** will assist you today.

Please give me one moment while I review your question and type my initial response

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If you gift the property to your son and daughter you will not have to pay any capital gains tax.

____

If the value of the lot that you are gifting is over $15,000 you will complete IRS Form 709 Untied States Gift tax return, which notifies the IRS of the gift.--- No tax will be due if you are under the life time gift tax exclusion amount of $11 million dollars.

____

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Customer reply replied 4 months ago
Thank you very much.

You're welcome.

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Have a great day.

Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®, CERTIFIED FINANCIAL PLANNER ®, Professional
Category: Capital Gains and Losses
Satisfied Customers: 2,760
Experience: IRS Licensed Enrolled Agent, CDFA ® CFP ®, MBA
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