Q: I want to gift a piece of vacant property to my son. I want to do this while I am still alive. What are the tax liabilit
We would like to do this tax-free. He is married as am I. Is there a way to do this?
A:
There are several ways to do this and MANY wrong ways.
A Quit claim deed is one but you need to appropriately record transfer affidavits and report the gift properly. There probably won’t be tax due but depending on how you structure things a return may be due. The rules are complicated and beyond the scope of a public forum like this.
The best option is to consult with a local licensed attorney to insure you’re proceeding properly.
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