Posted by JHyre in Ohio on July 11, 2002 at 17:30:39:
You could gift the property to your parents and have them assume responsibility for the loan, if any…they are then responsible for the income taxes if and when they sell. Given that > $10k gift, you may have to file a gift tax return and reduce your lifetime gift tax credit.
John Hyre
TAX question - Posted by Obi (San Diego)
Posted by Obi (San Diego) on July 10, 2002 at 14:05:41:
I’m selling one of my property but I don’t plan on buying another one as in doing a 1031Ex. The money from the equity I want to give it to my parents as a gift. Is there a way for me to go avoid paying 30% taxes since it is considered as income. Any feedback would be appreciated.