Mandrake

LADYKILLERS---Simply delightful n hilarious!

Watched over the last week-end TAKING LIVES starring Angelina Jolie...Nice psychological suspense thriller in the genre of Silence of the Lambs. I give it a 3-star rating.

Lord, please forgive me as i forgive those who sin against me...

Lord, forgive me for all my transgressions...

Guys, i'm having this security settings problem wenever i access the MTC site. If i put my Security Settings under Medium, dko cya ma access. Instead, i'm routed to the Amazon web site. Pro pg naka HIGH SECURITY SETTINGS pc ko, i'm able to access MTC, pero dko naman magamit ang Clikable Smiles or see the Rhinoman Ad. Thanks, bros.!

chunky, this is just a separate but not dissenting opinion. Oks lang naman.

 

Actually, I'm tempted to state that the facts given is insufficient to form a more responsive answer. Next best thing is to make some assumptions.

 

For Marckus:

 

I will make several assumptions which are:

 

1. your dad died intestate

2. his estate comprised solely of one real property

3. real property is the family home

 

Based on the above and your earlier set of facts, possible legal implications are:

 

1. transfer of property to your mom alone, excluding the other heirs could mean possible sale prior to death of your dad - a usual mode of tax avoidance. This is open to many questions like was it transfer in contemplation of death, were the other heirs denied their legitime.

 

2. Granting there are no problems in the ownership of your Mom, transfer to your sister by way of sale poses the same questions as in No. 1. However, your mom can still skirt capital gains tax if she can certify that she will use the proceeds of the sale for the purchase or construction of another family dwelling within 18 months of the first disposition.

 

3. If the fair market value (or zonal value) is around P 2.3 million the effective estate and capital gains tax rates are about the same at 6%. Over the amount sale would be more efficient tax wise.

Bros. chunky n jackl...ur comments n suggestions r really well taken.

Actually, the property is worth at least P10Million. We are still discussing the implications of the sale--the pros and cons. My concern is that my sister is also asking that I execute a waiver that i have no objection on the sale of the property by my Mom to her since she will be responsible in paying the annual property taxes. How much sales tax would be collected in this case--where the amount of sale shall also be P10million?

I am inclined to agree to her suggestion (if only to skirt the capital gains tax) provided any income on the property whether it is rented or sold in the future would be shared by both of us equally. Do u think I am on the right track here?

THANKS LOADS!!!!! Mabuhay kau!!

SECRET WINDOW starring Johnny Depp. Suspense...ala Hitchcock or Scorcese! Four stars rating...

My Father's Moustache / Captain's Table / Hobbit House / Australian Club / Ram Lopez / Jerks / Freddie Aguilar / Edsa I / Cory ---n d list goes on n on during dz great era of change in the Phil. scene.

Kudos 2ol well-meaning lawyers of dz thread. Mabuhay kayo!

Dz is addresed to any especializing on property taxes:

Our family owns property. Wen my Dad died, ownership of d property is transferred to my Mom, who is now thinking of "selling" d property to my eldest sister (with my consent, of course) to skirt any capital gains tax dat will be collected in case my Mom passes away, in which case, ownership of d property automatically goes to her surviving children subject to payment of capital gains tax. Is there a better way of avoiding the capital gains w/o "selling" d property? Thanks loads 4ur opinion n assitance.

BTW, who or which experts we get in touch in case we want our property sub-divided? T. Y. :mtc:

Preng H-Man>>Ngtagpo na naman landas natin. Been der once nung bago2x p yan...maliit pro pwede na. May libre pang Rhino Tea...pampa astig! No offense bro, impression k...tpong Jingle at MTC lng pahinga mo. Cheers sa lahat ng Nyakmanyoni!! :mtc: :cool: