Cooper@1960
Active Member
I'm in Ohio
Both my kids were married in 2023 and I would like to purchase each of them property to build homes on. Ohio doesn't have a gift tax but I know there's a federal gift tax for over $17k so that's what my questions are about. This would be cash purchase from me to the seller or a cash gift from me to my children for them to make the purchase.
The properties would never be titled in my name. Or should they be and then transferred from me to the kids? Does either option offer any tax savings?
I've heard if a parent transfers assets to a child then becomes financially insolvent after a few years the government can go after those transferred assets. Is that true? Even a cash gift? If so how many years before the gift is safe? I'm not worried about that scenario but want the info.
Since my kids have spouces and I make the money/property gift to the couple does that mean the gift tax doesn't kick in until $34k per couple?
Thank you.
Both my kids were married in 2023 and I would like to purchase each of them property to build homes on. Ohio doesn't have a gift tax but I know there's a federal gift tax for over $17k so that's what my questions are about. This would be cash purchase from me to the seller or a cash gift from me to my children for them to make the purchase.
The properties would never be titled in my name. Or should they be and then transferred from me to the kids? Does either option offer any tax savings?
I've heard if a parent transfers assets to a child then becomes financially insolvent after a few years the government can go after those transferred assets. Is that true? Even a cash gift? If so how many years before the gift is safe? I'm not worried about that scenario but want the info.
Since my kids have spouces and I make the money/property gift to the couple does that mean the gift tax doesn't kick in until $34k per couple?
Thank you.