Annie, a US citizen, has 2 houses (around $60K each) to give to her family members and try to avoid or minimize gift tax. She would like to give (a) one to her mother, a US permanent resident; and (b) the other to her sister Bonnie and Bonnie’s husband, both Vietnamese and live in Vietnam.
I have read all posts about gift tax but still have these questions:
Is (a) possible? If so, how to minimize the gift tax?
Is (b) possible? If so, how to minimize the gift tax?
When you sell real estate, you do “closing”. What and how do you do when gifting real estate? And what if gradually over time? What professional would handle this? How much does it cost? Can you DIY? Hints?
What if Annie and her husband both owning the houses and they both agree to give?