I spoke with a CPA and he said it would make no difference gifting my mother's home(I have PoA) into my name or my LLC in regard to taxes. Is this true? This seems off due to what I've read about write offs and deprecation and what not.
Investor · Broward County, FL · Member since 2018 · 1k+ posts · 938 votes
6y
@Daniella Spears
Gifting your mother home to you or your LLC may trigger a gift tax. It is often better to do a transfer on death to get the step up basis.
If you want to gift it without triggering taxes you can create a multi member LLC where your mother has initially all the membership and gifting you each year up the the exclusion value, taking into consideration that the fair market value of this portion of membership will be probably 20 to 40% lower than the same portion of the full market value of the property due to its non marketability.