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I want to transfer some land to my children. What are the tax implications?


Related Topics: Estate, Wills and Trusts, Taxes
Related Tags: Estate Planning, Gift, Children, Tax Planning
Diman D. Nyembwe
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By Diman D. Nyembwe - Doustax and Finance corporation
Answered 4 months ago

You could sell it at a discount to avoid paying a steep capital gain tax. for example tthe land value is 50,000.00 sell it at 5000 to minimize your capital gain. Do not sell it for one dollar to avoid being audited or arbitrarily taxed

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