I am 62 years old and want to gift some land to my son. He is ready to do things with the land and would like it in his name now. I don't want to charge him anything for the land and yet I want him to have the benefit of having the value of the property be what it is now instead of what I paid for it as the basis for capital gains. I know this is possible because my father-in-law did it for his sons. I just don't know how to go about it. It's called "gifting your land."
Land transfers are not to be done without knowing exactly what you are doing and filing the correct papers with the authorities. In theory, I suppose, you can hand your son a letter giving him the land. And in fact it is likely to be ineffective because the correct papers have not been filed with the authorities. I suggest strongly that you find yourself a lawyer to guide you through the process.
It would be best to talk with an attorney. You may also want to talk with a tax accountant. You will need to be sure that you put the value of the land in the gifting documents and record the gift on your tax returns.
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