What are the gift tax implications of giving my son money to buy into a business? | Online10.info
Posted on02 August 2010. Tags: Business, Gift, Giving, implications, into, money
Question by mainlandd: What are the gift tax implications of giving my son money to buy into a business?
My son has an opportunity to buy into the business where he works. The lion’s share of the purchase price, about 0,000 may come from placing a mortgage on a summer home I own. How can I mortgage the property and give him the money? What are the tax liabilities of such an arrangement and, if any, how should I go about structuring the transaction to minimize or avoid paying deal-killing taxes?
Best answer:
Answer by PJ
Start an LLC with your son and have the LLC buy the business.
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