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MIAMILAW1127, Lawyer
Category: Real Estate Law
Satisfied Customers: 755
Experience:  Founding Partner at Moises Law, P.A.
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I am selling a rental property and will have proceeds of

Customer Question

I am selling a rental property and will have proceeds of around 64,000.00 from the sell. Can I give a one time gift to my son or wife to reduce my capital gains tax burden?
JA: Where is the property located?
Customer: Georgia, atlanta
JA: Has any paperwork been filed?
Customer: no sale is under due diligence at this time.
JA: Anything else you want the lawyer to know before I connect you?
Customer: property is only in my name
Submitted: 10 months ago.
Category: Real Estate Law
Expert:  MIAMILAW1127 replied 10 months ago.

Hello. Thank you for contacting me. I am a consultant here and I am looking forward to assisting you with your question. If at any point any of my answers aren’t clear please don’t hesitate to ask for clarification. Please be patient as I will be typing my responses to you from scratch. Also, I can only answer/address the questions you ask specifically based on the information your provide. Please try to provide as much information as possible so I can best assist you.

Please note: This is general information for educational purposes only and is not legal advice. No specific course of action is proposed herein, and no attorney-client relationship or privilege is formed by speaking to an expert on this site. By continuing, you confirm that you understand and agree to these terms.

The short answer is no. You will need to pay taxes on the amount you gained from the sale prior to being able to gift it.

I hope this helps. Please use the SEND or REPLY button to keep chatting, or please RATE when finished. You may always ask follow ups at no charge after rating. Thank you.

Customer: replied 10 months ago.
is their any other options for reducing my tax liability on the proceeds
Expert:  MIAMILAW1127 replied 10 months ago.

You could do a 1031 exchange, but that would require you to reinvest the money in another property.

Customer: replied 10 months ago.
another rental or investment property or can it be a new purchase that I would reside in and in what time period would I have to reinvest in another property
Expert:  MIAMILAW1127 replied 10 months ago.

No. It would need to be another rental/investment property. It cannot be a homestead property.

"Measured from when the relinquished property closes, the Exchangor has 45 days to nominate (identify) potential replacement properties and 180 days to acquire the replacement property. The exchange is completed in 180 days, not 45 days plus 180 days."

Customer: replied 10 months ago.
thank you
Expert:  MIAMILAW1127 replied 10 months ago.

You are very welcome. Please don't forget to rate my response at your earliest convenience. Thank you.

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