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Old 03-03-2014, 01:58 PM
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gift to son, how to fill taxes

I bought a condo for my son (student), deed is joint with me and son. My son lives there and me/wife live there when we visit Florida. We can give 28K tax free to him per year, but his part of downpayment was about 60K.

1. Can we distribute this 60K to 3 yrs, what documentation is needed.
2. Do we need to fill out 709 form?
3. If our goal is that in future full ownership should go to son, and we want to give him ownership worth 28K/yr till he owns it completely and we can do a quit deed, what documentation I should keep?
4. In general, if you could please suggest the least hassled way for me to do.

Many thanks.



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Old 03-03-2014, 10:44 PM
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Quote:
Originally Posted by strip View Post
I bought a condo for my son (student), deed is joint with me and son. My son lives there and me/wife live there when we visit Florida. We can give 28K tax free to him per year, but his part of downpayment was about 60K.

1. Can we distribute this 60K to 3 yrs, what documentation is needed.
2. Do we need to fill out 709 form?
3. If our goal is that in future full ownership should go to son, and we want to give him ownership worth 28K/yr till he owns it completely and we can do a quit deed, what documentation I should keep?
4. In general, if you could please suggest the least hassled way for me to do.

Many thanks.
1so as $60K>$28K, you need to file form 709.


2. corect


3. I guess you need quitclaim deed. You can get more info from r/e attorney


4. I guess you need to contact a real estate lawyer to handle the paperwork and consider the tax implications of the gift, this is something that can be done without a lawyer.



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