BoredCarrot
New Member
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- 6
I'm confused about inheritance rules.
I have an apartment in Spain that's worth about 200 grand but I paid 35 grand for it in the early 90s.
I would like to gift this apartment to my son. Can this be offset against his future inheritance tax liabilities? Would this result in an immediate capital gains tax liability?
Would the capital tax liability be different if the apartment changed hands on my death instead of now ?
I am trying to be fair to all my kids and to be honest , some of them are spoiled and may contest any will in the future even though I am leaving then more than most people. Because they have different mothers unfortunately they are not as close to each other as I wanted despite my best efforts. I would like to even remove the possibility of argument by removing this apartment for example from my future estate. They will get roughly the same amount but some may waste an enormous amount of time in litigation because their mothers made it very hard for me to see them. And I tried very very hard to see them and spend time with them. I was also a workaholic and now that I'm ready to retire I'm not in the best of health.
I have an apartment in Spain that's worth about 200 grand but I paid 35 grand for it in the early 90s.
I would like to gift this apartment to my son. Can this be offset against his future inheritance tax liabilities? Would this result in an immediate capital gains tax liability?
Would the capital tax liability be different if the apartment changed hands on my death instead of now ?
I am trying to be fair to all my kids and to be honest , some of them are spoiled and may contest any will in the future even though I am leaving then more than most people. Because they have different mothers unfortunately they are not as close to each other as I wanted despite my best efforts. I would like to even remove the possibility of argument by removing this apartment for example from my future estate. They will get roughly the same amount but some may waste an enormous amount of time in litigation because their mothers made it very hard for me to see them. And I tried very very hard to see them and spend time with them. I was also a workaholic and now that I'm ready to retire I'm not in the best of health.