How to avoid the gift tax on real estate? | Finance information

Question by Sir Rupert : How to avoid the gift tax on real estate
Hello. My wife and I are being given three acres of land by her parents. The land is valued around $ 35000th How could they avoid paying a gift tax on the land. We know that a gift under $ 10,000 is non taxable. Could her parents poison her $ 10,000 worth of land each, and then poison me the remaining amount, or is it for family members only. They are joint owners on the land. We will be meeting with a real estate lawyer, but just would like some preliminary info. Thanks for any help. Best answer:

Answer by the kid
It?s actually under $ 13K that is non-taxable, and there is a $ 1,000,000 lifetime cap, so they will not be paying any tax on it. They must declare it on their taxes, but nothing will be owed.They can not toxic portions of the property unless the deed is written that way.

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Source: http://www.lovefinanceinfo.com/2012/03/how-to-avoid-the-gift-tax-on-real-estate/?utm_source=rss&utm_medium=rss&utm_campaign=how-to-avoid-the-gift-tax-on-real-estate

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