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/biz/ - Business & Finance

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20182033 No.20182033 [Reply] [Original]

Hello /biz/. Need help in understanding how avoid gift taxes works. Say my parent wants to gift me a 500k house, how do I avoid getting tax on the 500k? I read a few online articles where it's possible to avoid getting taxed on the gifted property since there's lifetime gift tax exclusion of 11mil and annual exclusion of 15k so it's something like only claim part of the 500k house each year to avoid getting tax?
Thanks for the help and god bless.

>> No.20182069

>>20182033
Kill you parents and inherit the house

>> No.20182119

>>20182033
>Need help in understanding how avoid gift taxes works.
It's simple.
You find a nice jew.
You give that jew some of your shekels.
The jew then comes up with a multi-year strategy to avoid paying taxes to the Israeli Revenue Service.

>> No.20182122

>>20182119
Yeah. I can do that but I don't want to pay the jew.

>> No.20182221

>>20182119
Shoo shoo jew

>> No.20182241

>>20182069
but then you have to pay estate tax

>> No.20182290

>>20182122
Cheaper than an accounting education. Shit is complicated and if schlomo fucks up he takes the blame. Not so if you do it. And there are white accountants

It's not worth risking your house over a few thousand in lawyer/accountant bills

>> No.20182323

>>20182290
But how hard can it really be? It's just 1s and 0s. and probably check a few box on the tax returns..

>> No.20182353

>>20182033
If you're parents are just going to straight up buy it for you, there's no benefit being in your name until you inherit it. They buy the house, you live in the house. No taxes that way.

>> No.20182367
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20182367

>>20182033
Just have parents sell the house to you for $1 you fucking retard.

>> No.20182406

>>20182033
All in XMR and send it to AAVE immediately. That's it.

>> No.20182409

>>20182033
Your parents need to perform an act of donation on the property. Nothing else for you to do. If you sell the property w/in 2 yrs you have to pay taxes on the difference 500k vs what you sold it for if there is a gain.

>> No.20182438

>>20182367
It doesn't work like that. The IRS will still count it as a gift since they aren't retarded.

>>20182409
But my parent will need to pay the gift tax on it though?

>> No.20182508

>>20182438
Meet w/ a tax attorney or estate planner is what I would recommend if you and your parents feel uncomfortable about how to proceed.

Have the house appraised prior to transferring. The Act of Donation will put the property and ownership in your name. No taxes b/c 11 million lifetime gift tax exclusion.

>> No.20182586
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20182586

>>20182438
>*Sucks air in through teeth*
Man, fuck the irs

>> No.20182593

>>20182033
just go ask an accountant. Your parents are essentially selling the house so they have to pay capital gains/loss and it'll be your new acb and you'll like have to pay taxes on the fair market value of something, yada yada, something about non-arms length transactions.

>> No.20182748

>>20182508
This sounds good but I'm not sure there's The Act of Donation for Californians.We''ll probably schedule an appointment with a real estate planner.

Thanks guys for the help.

>> No.20183131
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20183131

reading this make me glad my country abolished their gift tax.
Being forced to consult an accountant or tax expert just to give your child a house you worked for... fuck this IRS