North Carolina
This is one suggestion I received for avoiding any gift taxes or capital gains tax on the transfer of land valued at about 16,000.
I know this sounds crazy, but someone suggested that I gift land that my family jointly owns to 2 of my sisters and let them pay my mounting bills. They would not be "gifting" me per se, they would just be helping pay my bills. This still sounds kind of shady to me and I just want to do what is right.
Any help would be greatly apprciated!
This is one suggestion I received for avoiding any gift taxes or capital gains tax on the transfer of land valued at about 16,000.
I know this sounds crazy, but someone suggested that I gift land that my family jointly owns to 2 of my sisters and let them pay my mounting bills. They would not be "gifting" me per se, they would just be helping pay my bills. This still sounds kind of shady to me and I just want to do what is right.
Any help would be greatly apprciated!