documents for property gifting

[nguyen99]

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

Hi,

I would like to give $13000 worth of my property to my relative per year and do this till $200K worth of property value.

1) Is it possible to setup property gifting this way? (meaning a. give certain amount of value per year and b. stop till certain value)

2) What are the documents or procedures to set this up?

thanks for information

 

[FlyingRon]

Are we talking real estate here? Where is the $200K coming from? Is that the FMV of the property?

Anyhow in addition to the $13,000 annual exclusion from gift tax, there's also a $1 Million lifetime exclusion for all reportable (over $13,000) gifts. If you don't anticipate giving away other sums you could just give it outright now.

Of course, depending on your situation, the gift may be a bad idea for you and perhaps disadvantageous to the recipient.

 

[nguyen99]

Thanks for the reply, yeah, is it the house, I bought it @$600k a few years ago.
do I
1) Need to have it appraised for this purpose?

2) Do I need to setup trust on this property? If so who will be the grantor and grantee can it both be myself?

3) How to document the $13000 worth of gift in this case?

Thanks again