Transferring property , many questions
Hallo
I am writing this post for a friend , who owns property in the US.
He is a none resident , but his wife is a resident , holding a green card.
He is thinking about transferring the property to his daughter , once she is 18, since he is not a citizen of the country.
I believe if he is married to someone that has a green card , he will be considered a resident both?
If he would be considered none resident , he would have to pay a large sum of gift taxes ? Up to 47% starting at zero $
If considered resident , he can give in his live about up to ome million of value to his kids?
What would happen , if he gives his real estate away and would not have the cash money to pay the goverment?
How would the goverment collect its taxes? Can they still put a lien on the property if it is allready deeded over to the recipient?
Can he sell the property to his kids for less? For how much less can he sell it for less as it is worth and for how much less?
I am very thankfull for any answers.
Please copy the text into the answering post and answer each question with this sign< behind it , so I will understand it better.
Thank you so much for anyone that is able to answer me .
With best regards Panele