Lifetime Gift Of Real Property
My husband and I want to gift a portion of a real estate property to our child in the annual increment of $11,000. We have determined that LLC (or partnership) is not the way to go for some complex reasons. Instead of deeding $22,000 value every year (my husband and I combined), can we deed, say $66,000 value every 3 years, to save the hassle and costs of deeding $22,000 every year? We will write up a gift letter for every year, of course. Would appreciate any advice.
I believe any excess above the 11,000 per person per year gift is subject to gift tax or may go against your lifetime exclusion