Taxable Gift Triage
Triage a proposed lifetime transfer for gift-tax reporting, exemption use, and non-tax risk.
Carla wants to transfer a $410,000 rental condo to her daughter for no consideration while the condo has a $140,000 basis and a small mortgage. Donor -> value -> exclusion or exception -> reporting -> basis and control risks The shortcut is to hear "lifetime exemption" and skip reporting, valuation, basis, debt, and creditor questions. Identify transfer Confirm donor, donee, property, fair market value, consideration, and whether any debt moves with the property. Gift analysis starts with the economic transfer, not the family label on the deed. Screen exclusions Check whether annual exclusion, marital deduction, charitable deduction, or other exception…
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