Giving Son Vacant Land

Expert, localized Los Angeles answers provided by Heather Roy

Giving Son a Building Lot
	My husband and I have a lot we want to give to our son. He's interested in building a vacation home on it. What is the easiest and least costly way to do this? We want to take our name off the deed and put his name on it, so it will be his legally. The lot is valued about $15,000 current market, but I don't want the gift tax to kick in. Is it legal to sell it to him for a small amount? Thank you.

	You and your husband can each give your son up to $12,000 a year with no federal gift tax consequences. Just sign a new deed making your son the owner and have the deed entered in your public records office -- that's all it takes. Whether or not he pays you a token amount is not important. A lawyer can handle the simple job for you.
	Edith Originally published on June 13, 2007

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Giving Son a Building Lot