esterlina
New Poster
Cash: $ 0.45
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Joined: 22 Aug 2005
Location: California
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| Realestate and giving money to grandchild. Joint Tenancy |
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Grandparent wants to give grandchild money.. Grandparent sold a rental piece of property for $70k. Since you can only give 11k a year to a grandchild before you must pay taxes..
Family has a piece of property they wish to sell for around 70k in an ok location. Would it be best to roll the money into that lot (1031 exchange) and have the grandparent and grandchild on the property as Joint Tenancy?
or something like a gift trust that gives money to the grandchild at a rate of 11k, but what happens when the grandparent passes away?
We're trying to avoid uncle sam taking a cut twice, once with her selling the property since she has not lived there for many years, and once if she wishes to give the proceeds to a grandchild.
Any ideas out there?
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