85 Year old Parent / Passing property On ( Tax Questions)

[Marcus Brown]

Should a parent give your children Real estate as a gift for tax purposes or sell it to children for $100.00 Whats the best way to handle a situation like this.

[Joshua D.]

@Marcus Brown

I am no CPA.  If you are trying to get advise on gifting real-estate you should call a CPA. 

However, usually the best situation is to inherit the property in the estate after the owner passes away. Once the Heir receives the property it will now be valued at a stepped up basis, and can be the best time to sell because there should be no tax basis on the gain, if it is an income property, you can take depreciation on the new tax value amount, this gives you less of a tax burden each year. 

However there are like 3000 variables depending on you and the giver, what kind of property it is, what your intent with the property is... Basically see a CPA