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Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3798
Experience:  20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Continue with the previous scenario: If they gift the two

Customer Question

Continue with the previous scenario: If they gift the two rentals to their son who is also canadian, will there be any gift taxes involve ?
Submitted: 2 months ago.
Category: Tax
Expert:  Barbara replied 2 months ago.

Gifts of intangible property by a nonresident alien are generally exempt from gift tax. Property that is not considered intangible property (thus subject to gift tax) at the time of the transfer includes: (i) real property within the U.S., (ii) tangible personal property situated within the U.S. and (iii) U.S or foreign currency or cash within the U.S.

http://www.sgrlaw.com/newsletter/newsletters/trusts_estates_trends/trustsnestatestrends_winter11/1622-2/

Thank you and best regards,

Barb

Expert:  Barbara replied 2 months ago.

Just following up with you to see if you have any other questions. If so, please let me know so I can further assist you.