2007-03-14 13:03:54 · 9 answers · asked by AnswerGirl 3 in Business & Finance ➔ Taxes ➔ United States
cher and deb are giving you wrong advice. you can't just "sell" something for $1 to avoid gift tax rules. it is possible that the person that gave you the land has to pay gift tax. there is NO income tax on gifts.
2007-03-14 13:29:49 · answer #1 · answered by Ovrtaxed 4 · 2⤊ 0⤋
I would have them let you purchase the land from them for $1. You don't have to pay anything other than to have the deed made up and then it is yours. However, you do have to property tax on it from that time on. Those taxes go to the county you live in, not to the IRS. The only time you have to pay the IRS is capital gains tax, and that is only if you sell it for a huge profit.
2007-03-14 13:14:08 · answer #2 · answered by Deborah B 2 · 3⤊ 0⤋
until you get audited, they won't understand, so in case you cheat in this you'll possibly very in all probability get away with it. confident, offering the money on your mom for the faster time is you paying it. the subject is that, until you have been on the loan, you weren't required to pay it - and while you at the instant are not required to, it is not a criminal deduction for you. The 1098 will basically have one call and social protection quantity on it. refer to the lender and notice in the event that they're going to make you universal so yours stands out as the single that shows. despite if her call and ssn are on the 1098 rather, you will possibly nonetheless be able to deduct it, inspite of the incontrovertible fact that it might desire to toss up a flag that would have somebody looking heavily at it. lower back, in all your questions approximately this, you have by no ability stated no count number if or no longer you reside in this abode. in case you do no longer, you will possibly no longer be able to deduct the loan interest and taxes besides.
2016-10-18 09:54:21 · answer #3 · answered by Anonymous · 0⤊ 0⤋
Best Advice, Have them deed it to you for $1.
Or if it's a family member, they can give a one-time gift of so much value...
2007-03-14 14:27:13 · answer #4 · answered by Christopher Y 2 · 0⤊ 0⤋
Certain family members are allowed to "gift" without taxes. Other parties are always taxed.
2007-03-14 13:06:46 · answer #5 · answered by Cher 4 · 0⤊ 1⤋
You get the land, you get the taxes, you get the debts. Lucky you, you got everything.
2007-03-14 13:06:46 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Yes you have to pay taxes..
2007-03-14 13:09:37 · answer #7 · answered by twinleelee 2 · 0⤊ 0⤋
Something like that.Called taxes.
2007-03-14 13:06:53 · answer #8 · answered by gotabedifferent 5 · 0⤊ 1⤋
I really don't know what that is or means, but good luck!
2007-03-14 13:08:02 · answer #9 · answered by lemurs.rule68 1 · 0⤊ 1⤋