By taking advantage of the fact that the gift price becomes the donee's acquisition price at the time of donation, if the acquisition price is significantly lowered and then transferred by the donee, the transfer tax is lower than if the original donor transferred it. There are many people who only believe in fragmentary information such as that there is no gift tax for married couples, but in this case, you may end up in trouble as gift tax, acquisition tax, and transfer tax are all tangled up at the same time. You can easily submit it online through the National Tax Service’s Hometax.
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In the case of a gifted house, the period of residence and possession is judged only based on the donee (the recipient of the gift) after the gift, and the donor's. So, when does the holding period for gifted real estate begin? If real estate received from a spouse or direct descendant is transferred within 10 years, transfer tax carryover is applied, so transfer tax savings are not possible.
This applies to cases where real estate, etc. is received as a gift from a spouse and direct descendants (brothers, parents-in-law, father-in-law, sons-in-law, daughters-in-law, etc.) and transferred within 10 years.
In this way, the longer the holding period, the lower the tax burden, and conversely, the shorter the holding period, the higher the tax rate may be applied. When determining one house per household, the possession and residence period is included, but when applying the long-term holding special deduction, the holding period is calculated from the date of donation. In this article, we provide detailed information on acquisition tax rates when gifting land between spouses. What taxes should I pay when gifting land between a married couple?
If you receive land as a gift from your parents, you must report gift tax to the local tax office within **3 months** from the end of the month in which you received the gift. And what should you pay attention to in order to save taxes? According to tax law, this strategy of using the wife to go through one step of the transaction and avoid taxes, that is, gifting it to the spouse and transferring it to another person within 5 years, at least within 5 years.
