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Waiver of rights and donors tax

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1Waiver of rights and donors tax Empty Waiver of rights and donors tax Sat Jun 27, 2015 10:41 am

microbe


Arresto Menor

Hello there. We executed an extrajudicial settlement of our father's estate. We are six in the family including our mother. We also waived our rights in favor of our sister on one property. Are our waiver of rights subject to donor's tax? Thanks very much.

2Waiver of rights and donors tax Empty Re: Waiver of rights and donors tax Sat Jun 27, 2015 12:26 pm

LandOwner12


Reclusion Perpetua

its like a deed of donation,,
then yes, the donor need to pay the tax.

3Waiver of rights and donors tax Empty Re: Waiver of rights and donors tax Fri Jul 10, 2015 4:05 pm

Shigh36


Arresto Menor

Gud pm. We are also asked to prepare extrajudicial settlement and waiver of rights since my mom & i agreed to transfer the title to my name as reimbursement for the cost of processing for the "subtitle" of her parcel of land. I still have 5 siblings and my mother is still alive. Is extrajudicial settlement the proper way? Do we need to pay donor's tax if the value of the land is below 200k?

4Waiver of rights and donors tax Empty Re: Waiver of rights and donors tax Mon Jul 13, 2015 5:12 pm

microbe


Arresto Menor

Gud pm. Extrajudicial Settlement is the way to go. But first, is it a conjugal property of your mother  and your father? If so, then half of the property will have to be settled extrajudicially between you and your siblings, your mother included. Your mother retains the other half. Once settled, then the half property involved will have to be divided by 7 to obtain the amount of each share. then each of your siblings and your mother will waive their rights in your favor and each waiver will be subject to Donor's tax. With regards to the other half, your mother can waive her rights also in your favor and is also subject to Donor's tax but keep in my mind that it's larger than the other half because only one person is donating so expect a much larger Donor's tax. the tax table for a donor's tax is if it is below 200,000, then tax is exempt but you have to pay 2% of the excess over 100,000.
Now if your mother solely owns the property, then a simple will and testament will do.

5Waiver of rights and donors tax Empty Re: Waiver of rights and donors tax Mon Aug 03, 2015 4:36 pm

Francis Chan


Arresto Menor

We applied for Pag ibig housing loan using my daughter's name before she got married. What document do we need so that this property can be equally shared by my other two children? Me and my wife are the co borrower of this property.

6Waiver of rights and donors tax Empty Re: Waiver of rights and donors tax Sat Aug 08, 2015 11:07 pm

Filia

Filia
Reclusion Perpetua

Have you executed a trust agreement? That will do.

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