Maximum "Gifting" to avoid capital gains

[Yern Chao]

Hello

We are considering selling our duplex in Chico, CA but are worried about paying capital gains on our property. I know to avoid this, we could do a 1031 exchange, but we are not entirely sure we want to stay in the real estate business. 

To make my calculations "easier", say we gain $90k on the home. Is it possible to gift all of it (in $10,000-15,000 increments) to 7 of my siblings (I have 9) to avoid capital gains tax?  I read somewhere that the max allowed per year was $15,000 per person and lifetime gifting was 11 million for us. 

[Natalie Kolodij]

You can gift it all at once. You just need to file a gift tax return. 

Until you reach the lifetime limit- not taxable. 

You just need to report it. 

Talk to your tax pro though- there may be some other options to avoid the gains and get out of the real estate business. 

Hell I'll give you that advice for free if you're just giving properties away- for the price of 1 gifted rental I will help you ;)  Kidding kidding. 

But I do encourage to you talk through  your options with your tax person