Gift of Property

What is the name of your state (only U.S. law)? CA or any state. General Question.

If you gift a real estate property to someone, can you still use your annual $13,000 exclusion to avoid paying taxes?What is the name of your state (only U.S. law)?

ann2010 said:

What is the name of your state (only U.S. law)? CA or any state. General Question.

If you gift a real estate property to someone, can you still use your annual $13,000 exclusion to avoid paying taxes?What is the name of your state (only U.S. law)?

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You should consult with a tax professional before making ANY large gift, especially real estate.

The recipient would also be wise to do the same if such a gift is contemplated.

It is also a very good idea to look at all the angles before making a structured gift - since there is a lifetime gift tax exemption...

also. estate / gift tax issues are in huge flux right now... it would be foolish to miss out on big tax breaks that may go bye bye.