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#4
06-02-2006, 04:58 AM
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 Re: Help With Marriage Gift Tax <anthonyd777[at]hotmail.com> wrote - quote - > I'm getting married in a few months and my finace' is going
That's an easy legal question - after you and her say "I do".> to give me a gift of 20% of the value of the home that we > are living in. > What's the best way to transfer this with the least tax burden. > Should if be given before or after we are married? - quote - > Will she have to pay a tax on giving this gift?
Gifts made between spouses are not reportable or taxable,> Will I have to pay tax on this property gift as income? nor do they reduce the estate exclusion no matter how much you decide to give each other. There may be other valid reasons for her to not add you to the title of the home and therefore to the mortgage. If you are talking serious values here, the two of you should talk to an attorney about it. -- Paul Thomas, CPA paulthomascpapc[at]bellsouth.net << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#3
05-24-2006, 04:37 PM
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| Re: Help With Marriage Gift Tax <anthonyd777[at]hotmail.com> wrote: - quote - > I'm getting married in a few months and my finace' is going
After you're married.> to give me a gift of 20% of the value of the home that we > are living in. > What's the best way to transfer this with the least tax burden. - quote - > Should if be given before or after we are married?
After.- quote - > Will she have to pay a tax on giving this gift?
Not if it's after you're married.- quote - > Will I have to pay tax on this property gift as income?
No.Seth << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#2
05-24-2006, 04:37 PM
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| Re: Help With Marriage Gift Tax anthonyd777[at]hotmail.com wrote: - quote - > I'm getting married in a few months and my finace' is going
As the gift you say it is.> to give me a gift of 20% of the value of the home that we > are living in. > What's the best way to transfer this with the least tax burden. - quote - > Should if be given before or after we are married?
After.- quote - > Will she have to pay a tax on giving this gift?
Not if she makes the gift after you are married.- quote - > Will I have to pay tax on this property gift as income?
No.<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#1
05-24-2006, 04:37 PM
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| Re: Help With Marriage Gift Tax anthonyd777[at]hotmail.com wrote: - quote - > I'm getting married in a few months and my finace' is going
Have her sign a new deed with both of your names on it.> to give me a gift of 20% of the value of the home that we > are living in. > What's the best way to transfer this with the least tax burden. - quote - > Should if be given before or after we are married?
After. There is an unlimited exemption for gifts betweenspouses. - quote - > Will she have to pay a tax on giving this gift?
Not at all if the transaction is after the wedding. If thetransfer is before, but her equity is between $24,000 and $2,000,000, she will have to file a gift tax return, and the gift will reduce her lifetime exemption. But no gift tax will currently be owed. - quote - > Will I have to pay tax on this property gift as income?
No, gifts are not income.Stu << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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05-24-2006, 04:37 PM
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| Re: Help With Marriage Gift Tax anthonyd777[at]hotmail.com wrote: - quote - > I'm getting married in a few months and my finace' is going
Have your name added to the deed after you get married.> to give me a gift of 20% of the value of the home that we > are living in. > What's the best way to transfer this with the least tax burden. - quote - > Should if be given before or after we are married?
If done after the wedding ceremony, there are absolutely NOgift tax consequences to your future spouse. Spouses are allowed unlimited marital gifts. - quote - > Will she have to pay a tax on giving this gift?
No, not if done as indicated above.- quote - > Will I have to pay tax on this property gift as income?
Gifts are never taxable to the giftee.<< ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
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#-1
05-23-2006, 05:39 AM
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| Help With Marriage Gift Tax I'm getting married in a few months and my finace' is going to give me a gift of 20% of the value of the home that we are living in. What's the best way to transfer this with the least tax burden. Should if be given before or after we are married? Will she have to pay a tax on giving this gift? Will I have to pay tax on this property gift as income? Thank you so much in advance. Anthony << ================================================== ===== > << The foregoing is intended for educational purposes only > << and does NOT constitute legal OR professional advice. > << > << The Charter and the Guidelines for submitting > << messages to this newsgroup are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== > |
| Tags |
| gift, marriage, tax |
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