Florida  |  Tax Law

Legal Question

Asked on: 8/19/13, 8:13 pm

I just bought 50% of an investment property, in Florida, with another friend. I used an LLC, to make the purchase. I am the manager and only member of the LLC. However, because of a conflict of interest with work, I am no longer allowed to keep my interest in the property. I am having trouble finding a buyer for my part so I am looking to transfer it to my mother through a quit claim deed. How can I reduce tax consequences. Would a gift or unified credit due? Is there an alternative? My interest is worth $100k. My mother is in her late 60s and I am in my 30s.

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