Originally Posted by photog72 (Post 13667028)

I need the advice of an attorney in the box. Any real estate attorneys here? My brother and I each own 1/2 of a condo in south Florida. I want to gift my 1/2 share to him. Is it possible to do this without a tax penalty? How do I go about doing this?

Originally Posted by mnmag (Post 13667072)

I am not an atty or CPA, but off the top of my head -- any 'gift' over $13K per yr/per person -- is subject to gift tax (or lifetime gift tax allowance). You'll want to consult someone who is familiar w/gift tax issues. Depending on what the total value of your share is -- maybe it's possible to gift it to your brother, his spouse, his kids, etc in amounts up to $13K each.

Hopefully others with better knowledge of this area will weigh in!

Originally Posted by mnmag (Post 13667159)

Greg from CN Traveler just posted this link on FB:^
http://www.ny1.com/1-all-boroughs-ne...o-new-heights/

Originally Posted by jrzyshawn (Post 13667222)

I think sbm12, A boyish consultant with perpetual bedhead (1:34 - 1:58) posted that about a week ago. :p

Originally Posted by Trustguy (Post 13667227)

I made perhaps the best ham I have ever made. I just threw together the glaze (honey, brown sugar, mustard and vinegar) with stuff we had, and it somehow worked perfectly. ^

We are up to our ears in leftovers. :eek:

Originally Posted by Olton Hall (Post 13667142)

Can you landscape my place? Pretty much a blank slate.

Originally Posted by mnmag (Post 13667248)

Cool!^ Always nice to have leftovers!;)

Originally Posted by Trustguy (Post 13667258)

We have frozen leftovers beyond what we may consume this (entire) week. Nice $4 purchase. :-:

Originally Posted by sbm12 (Post 13666763)

Wirelessly posted (BlackBerry9630/4.7.1.40 Profile/MIDP-2.0 Configuration/CLDC-1.1 VendorID/105)

The trip was ALCO, :rolleyes:v, windwalker :-: Lurker and me. ALCO stayed out at the airport in MEX and was on the 6am back to PTY and on to MIA today. Dunno how his return upgrades played out. In my case there are 6 empties and we are done boarding. I have no idea why I didn't clear in advance. I'm calling shenanigans. I should've tried for a companion at the gate.

Overall, very good upgrade numbers. And we did some decent damage to the bar stocks at PTY - as well as to our livers - during this last stop, just in case the upgrades didn't clear. :D

I just have to remember that I'm renting a car in 4 hours and taper off the drinking accordingly.

Originally Posted by monitor (Post 13667064)

Has it been in service as a rental or is it being used as a residence or vacation home?

No matter what you answer, I will not be able to give any advice about it since I am not an attorney in Florida but I do enjoy thinking about those sorts of problems and this is the first question that you will be asked by your lawyer.

Originally Posted by Olton Hall (Post 13665986)

You thunk incorrectly. Much more to it.

Originally Posted by sbm12 (Post 13666388)

Well, you're mostly wrong, but that's ok. Shouting vamanos at folks should work well enough. The guy was really quite fine with having us there.

Originally Posted by Trustguy (Post 13667207)

mnmag has given good advice here on the estate/gift tax issue. The question, however, is what is teh value of half of a condo? Certainly it is not half of the appraised value, since one cannot sell half a condo for half of the appraised value -- there perhaps is a 20-30% discount available. (see an attorney for further guidance).

Beyond that issue, one has to consider the property tax ramifications of said transfer. Will this transfer cause a revaluation for property tax purposes, and is that a good or bad thing?

I am not an attorney, nor do I play one in teh Box.

Originally Posted by photog72 (Post 13667396)

I believe the value of the condo is in the $85-90K range. It was built in 1970 and needs some work. It's also in a 55+ community which allows a certain % of the residents to be under 55 (I forgot the % amount). The 55+ designation limits the appreciation of the property value.

I am in Texas, and trying to find a real estate attorney in south Florida will be a bit of a challenge. I'm wondering what my tax burden will be. Probably nothing, right? What about my brother? In the end, I know I need a south Florida real estate attorney. I just want to know what to expect.

Originally Posted by photog72 (Post 13667351)

Good question. My brother has been living in it continuously since the late 90s.

Originally Posted by ConciergeMike (Post 13667403)

Unless there's something I don't know, said attorney would not need to necessarily be local to the condo, no? Or are there local/county level rules that need to be played by in Florida?