jimj
New Member

Business & farm

Ok, this helps. And because it's below the $14,000, there's no Gift Tax right? Transferring ownership to my spouse avoids the "conflict of interest" in our case. And the remaining partners have already agreed to this transfer. We just wanted to check on any tax implications as a result of this transfer. Thanks for answering my questions so quickly TaxGuyBill and SweetieJean. I really appreciate it!