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If a person buys a condo and wants their son's name to be on the deed andor title would that be considered a gift in terms of taxes?
Wiki User
∙ 16y ago
An attorney can help. I wouldn't put his name on the title. Set up a trust instead. You maintain complete control over the condo, not matter what might happen with your son. It may be an extremely unlikely problem, but if your son should become unable to conduct his affairs for whatever reason, and you find that you need to sell the condo, you will be at the mercy of probate court-- they will have to determine whether or not your son's interest in the property will be served by selling it. If you set up a trust, he can readily inherit (without owing capital gains, by the way) and you can still sell if he should become incapacitated. I am not an attorney. I helped my mother with estate planning a few years ago.
Wiki User
∙ 16y ago
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Is there a number of years if an heir pays taxes on a property they own it?
Paying taxes does not provide ownership. A person who pays another person's taxes is generally considered a volunteer.See related link.
Do California condo owners pay property taxes?
Yes. Just as you would pay property taxes on any property that you own.
What are Direct and Indirect Taxes Give examples?
Direct Taxes- Income tax, Wealth tax, Gift tax, Corporation taxThese taxes are considered as direct taxes because such taxes are borne by the person on whom it is imposed and the burden of such taxes cannot be shifted from the payer to the bearer.Indirect Taxes- Sales tax, Excise duties, Custom duties, Entertainment taxThese taxes are considered as indirect taxes because the burden of such taxes can be shifted from the payer to the bearer
Will sale of condo by wife affect having to pay taxes on sale of house by husband?
Your tax advisor can answer your question.
Who pays taxes on a condo in Staten Island ny?
Usually an owner pays property taxes on real estate property s/he owns. Depending on the tax, there may be another answer.
Paid taxes on land for 3 years is it legally mine?
No. If you pay the taxes on property that belongs to another person you are considered a volunteer. It doesn't give you any rights in or to the property.
Does a person released from a court on bail money have to file taxes on that money?
No, it is not considered earned income, nor can it be deducted as a business expense.
When a person's name is added to a deed at no cost is this a gift and are the required to pay gift taxes?
Yes, it could be considered a gift, although the deed may recite "for good and valuable consideration," which undermines that presumption. In any case, there are no taxes payable by the recipient of a gift; any taxes on gifts are accrued to the person GIVING the gift.
Can a car finance company put a lien on taxes.?
I signed for someone to get a car and the person never paid it and i had to return it sobasically it was considered a repo so i got sent to collections and to court, can they put a lien on my taxes
The power to levy taxes is considered?
The power to levy taxes is considered executive and can therefore be handled by an institution under the executive arm of the government. Governments get a large amount of income from taxes.
What type of taxes Levied directly on the entire estate of a person?
Estate taxes are levied on the entire estate of a person.
Who can be considered as bearing the burden of indirect taxes?
Consumers.
