Legal Question in Real Estate Law in Mississippi
Real Estate Gifting
If I donate a property value of $140,000 with no appreciation value, what amount can be deducted from taxes. This is a second home that was purchased 2 years ago and never used.
Asked on 5/05/08, 4:59 pm
2 Answers from Attorneys
Mitchell Roth
MW Roth, Professional Law Corporation
Re: Real Estate Gifting
$140k
Answered on 5/06/08, 6:45 pm
Bryan Whipple
Bryan R. R. Whipple, Attorney at Law
Re: Real Estate Gifting
If you're asking about Federal taxes, the answer is that you can't deduct anything unless the gift is made to an IRS-recognized charity. If you "donate" the property to a friend, relative or even a stranger that isn't a charity, very likely you'll owe a gift tax. Consult a tax advisor for the rules and details; the subject is fairly complicated. I have no knowledge of Mississippi state taxes.
Answered on 5/05/08, 5:31 pm
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