In California, looking to see the best way to gift a rental property to a child and best way for both parties to avoid as much tax as possible. Thank you!
My plan is to die and let my kids enjoy the stepped up basis when they inherit.
You’d be hard pressed to give one good reason why you should do it before you die. Usually it’s the kids with this subpar idea. It’s almost as bad as when parents give their primaries to their kids.
If they can’t support themselves just give them the cashflow instead. At least you’ll avoid all the taxes. But most studies show financial support for adult children is a horrible idea that leads to subpar adults.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you