If I quit claim my property to my mother who is permanent resident and she lose it?

[curiousv]

What is the name of your state (only U.S. law)? WA

I am considering gifting my real estate property to my mother who is permanent resident (green card holder)
I am planning to quit claim deed to her and I believe I will not have to pay any excises tax as it will be considered gift?

I believe I can do as above?

Now if by chance my mother decides to give up her permanent residency or forced by agent at airport to abandon it or due to any reason residency is taken away from here...what will happen to property that now she owns (if I am transfer as above)

I believe she can still remain owner but after loosing permanent residency (green card) can she still quit claim back to me in future?

 

[adjusterjack]

Foreign nationals can own property in the US.

She will still own it and can quitclaim it back to you.

Why do you want to deed it to her in the first place?

 

[curiousv]

Foreign nationals can own property in the US.

She will still own it and can quitclaim it back to you.

Why do you want to deed it to her in the first place?

Thanks...now it confirms that there should not be any problem transferring to each other even if she is not a PR any more.
But should any of us be concerned about tax consequences either gift tax or capital gain or income tax?

Well why I want to transfer ...its personal and sentimental to her.

 

[FlyingRon]

Then why do you expect her to give it back to you? It's not a GIFT if you expect it to be returned.

Capital gains isn't due on gifts. The recipient does receive the basis that the donor had. Gifts are excluded from the gift/estate tax until you have an aggregate $5.4MM (currently) lifetime in gifts and estate. Anything over $14,000 (there was a typo above), needs to be reported on a gift tax return, but it doesn't trigger tax until you hit the mark above.

 

[curiousv]

Then why do you expect her to give it back to you? It's not a GIFT if you expect it to be returned.

Capital gains isn't due on gifts. The recipient does receive the basis that the donor had. Gifts are excluded from the gift/estate tax until you have an aggregate $5.4MM (currently) lifetime in gifts and estate. Anything over $14,000 (there was a typo above), needs to be reported on a gift tax return, but it doesn't trigger tax until you hit the mark above.

I am not expecting her to give it back ...but I am thinking of all possibilities particularly if she abandons or otherwise loose her green card.

 

[curiousv]

This is what I found...


Under a new law effective June 17, 2008, gifts from individuals who ceased to be a U.S. citizens or green card holders (lawful permanent residents) on or after June 17, 2008 may be subject to special rules. Refer to the 2008 Instructions for Form 3520 for additional information.

It is a possibility that my mother will give up her green card ....and if that happens I will have to pay taxes because even though she can quit claim ...but now she is expatriate ...
but wait I have to pay taxes only if she is covered expatriate correct? Unless she has any of the following to meet the criteria of 'covered expatriate' I am will not be subject to gift and estate tax correct?

Your average annual net income tax for the five years ending before the date of expatriation is more than a specified amount that is adjusted for inflation ($160,000 in 2015).
Your net worth is $2 million or more on the date of your expatriation.
You fail to certify to the Internal Revenue Service that you have complied with all U.S. federal tax obligations for the five years preceding the date of your expatriation.

 

[FlyingRon]

You must file if the gift is over $100K.

As for taxability, that's more involved. Read here: https://www.gpo.gov/fdsys/pkg/FR-2015-09-10/pdf/2015-22574.pdf

 

[curiousv]

You must file if the gift is over $100K.

As for taxability, that's more involved. Read here: https://www.gpo.gov/fdsys/pkg/FR-2015-09-10/pdf/2015-22574.pdf

Yes I as a recipient need to file 3520 but what about income or gift or any other tax either for donor (expatriate ) or receiver?

 

[FlyingRon]

Yes I as a recipient need to file 3520 but what about income or gift or any other tax either for donor (expatriate ) or receiver?

Taxation on the recipient is in the link I sent you. If you can't understand it you're going to have to pay a tax professional or attorney to explain it to you.

Normally, she'd be subject to a gift tax, but the if she's not in the US and has abandoned any US nationality status, then they IRS probably doesn't have a claim on her for making the gift. Further, all she likely would have to do is file a gift tax return. No gift tax is due until the aggregate amount of gifts exceends $5.4 MM.

 

[Just Blue]

posting hx.