Home Buying in Miami Beach>Question Details

Igor, Home Buyer in Russia, Moscow

What will be taxes for me, if I want to transfer condo (650K$) to my son.I don't know what best way do it,help

Asked by Igor, Russia, Moscow Fri Sep 19, 2008

Hello, I am US non-citizen and want to buy 2-3br condo at ZIP33141/33154 Miami Beach for me (I'll be the only one owner) and have cash at my bank. I lived in Miami for some time, have son and daughter and they are US non-citizens too. What the best way to transfer condo to them (or my wife) with minimal taxes? What will be estimated total taxes/costs, if I'll then (after my buying and through 10 years for example)
1 Sell the condo to my son/dgtr? 2 Transfer it (through inheritance) ? 3 Gift it to them? 4 Sell condo to anyone and give money to my son/dgtr. 5. May be any (my wife and son/dght have an option to become US citizens)?? 6 Any ??
OR It is not a big tax/cost problem and I should buy condo as any non-citizens do and think then.
Please give me your professional advice! Thanks a lot for your help/ Pls, leave your telefon for comments, if possible.

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Answers

3
Igor,
Customers of mine have in the past placed their property in a revocable trust with a pour over living will. This will allow you to decide what happens to the property if something happens to you. It will also avoid estate tax which from my understanding is quite high. The quit claim deed as mentioned earlier is very little cost under $100.00. The trust may run you a couple thousand, but it allows you to make changes and give instructions that will be carried out by the person you trust to handle your affairs. If you have an accountant you may want to speak with them regarding .
Also you could purchase it in all of your names from the start.
Talk to several attorneys before making your decision, they may have different opinions.
Regards,
Brooke O'Malley MYCLUBREALTY .com
941-726-2677
CLUB REALTY
Sarasota and Manatee Foreclosures
Web Reference: http://www.MyClubRealty.com
1 vote Thank Flag Link Fri Sep 19, 2008
Hello Igor,
This questions is better answered by a Real Estate Attorney and i would be happy to refer you to one.
0 votes Thank Flag Link Fri Sep 19, 2008
I suggest that you have a real estate attorney give you the answer. We deal with many foreign buyers in the very same position. Call or write my business associate; Evelina Tsigelnitskaya at 305-931-6931 or send her an e:mail at sibrealty@gmail.com she can direct you to the right attorney and/or fianancial consultant.

There are ways to transfer title- for example a quit-claim deed.
0 votes Thank Flag Link Fri Sep 19, 2008
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