Author Topic: Transfer of Property  (Read 463 times)

Offline codefreeze

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Transfer of Property
« on: July 01, 2018, 08:17:16 PM »
My partner (filipina) is thinking of transferring her property in Mandaluyong to her pamangkins. Does anyone know what the tax implications are around this?

Thanks,
Tony

Offline iamjames

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Re: Transfer of Property
« Reply #1 on: July 01, 2018, 10:36:28 PM »
"a residential property has an assessment level of 20 percent (which means only 20 percent of the propertyís value is taxable), while for a commercial property, it is 50 percent."
Just transfer seems to be minimal cost.
Otherwise this is the link you need.
http://www.lamudi.com.ph/journal/taxes-associated-buying-selling-inheriting-real-estate-philippines/


Offline suzukig1

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Re: Transfer of Property
« Reply #2 on: July 02, 2018, 05:10:41 PM »
There may be donor taxes (gift taxes) owed. 

https://www.pinoymoneytalk.com/donors-tax-train-philippines-bir-rr-12-2018/

SEC. 12. THE LAW THAT GOVERNS THE IMPOSITION OF DONORíS TAX. Ė The donorís tax is not a property tax, but is a tax imposed on the transfer of property by way of gift inter vivos.

Offline JoeLP

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Re: Transfer of Property
« Reply #3 on: July 03, 2018, 07:54:16 AM »
Can a term of joint ownership remove taxes?  When I was growing up, there were more than a few families(farmlands all around in a few places I grew up) where when a child was old enough, and the family felt comfortable with that person being loyal to the family, they would become part owner of the family farm.  One family we got to know well had 3 generations with ownership of the family farm.  At least in that area it got them out of almost all taxes and just some chump change to pay compared to what would have needed to be paid if the complete farm was only in the patriarchs name alone. 

What if your wife became joint owner, and down the road removed herself from the title...would that ease tax/fee burdens?  I have no idea of the tax/fee codes in the Philippines.
« Last Edit: July 03, 2018, 09:08:59 PM by JoeLP »
In the land of the blind, the one eyed man is king.

Offline fred

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Re: Transfer of Property
« Reply #4 on: July 03, 2018, 09:57:23 AM »
We took out life insurance to help cover our Kids estate tax obligations a few years ago..
I was told that since the TRAIN law these obligations have been vastly reduced..
We are also thinking of donating some of our properties to our kids but I need to find a good accountant/tax specialist for advice and facts before we go that route.

Offline suzukig1

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Re: Transfer of Property
« Reply #5 on: July 03, 2018, 01:11:27 PM »
We took out life insurance to help cover our Kids estate tax obligations a few years ago..
I was told that since the TRAIN law these obligations have been vastly reduced..
We are also thinking of donating some of our properties to our kids but I need to find a good accountant/tax specialist for advice and facts before we go that route.

Estate taxes dropped from 20% to 6%.  Also, the amounts exempted went up.

 


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