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M
MOONSHINE MAFIA
Level 2
August 16, 2024

Business to Business gift tax from parent to child

  • August 16, 2024
  • 2 replies
  • 17 views

Parents have LLC with residential property.

They want to transfer the property to child's LLC.

Are parents protected by Lifetime Gift tax or would then taxed immediately?

    2 replies

    T
    TaxGuyBill
    Level 15
    August 16, 2024

    Are both LLCs "Disregarded Entities" (a Single Member LLC that has not made an election to be taxed as a corporation)?

    sjrcpa
    sjrcpa
    Level 15
    August 16, 2024

    If not, the property is deemed to be distributed to the parents who then give it to the child and then the child contributes to their LLC.

    :Parents can use their lifetime estate and gift tax exemption for the gift. either way.

    The more I know the more I don’t know.
      M
      MOONSHINE MAFIAAuthor
      Level 2
      August 19, 2024

      thank you very much. would it make a difference if they were INC's

      BobKamman
      BobKamman
      Level 15
      August 16, 2024

      Is it being used as a residence by a family member, or is it a rental?  Is there a mortgage on it?  Is the amount owed greater than the basis?

        M
        MOONSHINE MAFIAAuthor
        Level 2
        August 19, 2024

        Rental, owned outright. No mortgage.

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