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We are buying a Townhome in FL son to live in full-time

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We are buying a Townhome...
We are buying a Townhome in FL for our son to live in full-time to attend college. We are putting him on the deed as co-owner. If we put on as joint tentants with right of survivorship it saves on taxes as we can apply for homestead in Fl. He's not on loan just deed and is an only child. Will this cause a problem and will there be disadvantages for taxes purposes? Gift taxes.? Home purchasing amount $134,000.
Any direction would help.
Thank you
Submitted: 3 years ago.Category: Real Estate Law
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6/8/2015
Real Estate Lawyer: Richard, Lawyer replied 3 years ago
Richard
Richard, Lawyer
Category: Real Estate Law
Satisfied Customers: 57,203
Experience: 32 years of experience as lawyer in Texas. I'm also a Real Estate developer.
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This will not have any negative impact on your taxes. As the owner, if you pay the property taxes, then you still get the deduction if you are an owner. And, there will be no gift tax consequences. Recipients of gifts are not subject to gift tax. And, there should also be no gift tax due from the donor. Each donor can give $14,000 per year per person under the annual gift exclusion. In addition to that, for any amounts in excess of the $14,000 in a year, each person has a $5,430,000 lifetime exemption....which means a person can give a cumulative amount of up to $5,430,000 in gifts over and above the $14,000 annual gift exclusion amount 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 additional gifts have exceeded the $5,430,000.
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