The Internal Revenue Service has recently increased its audits of gifts of real estate interests. In light of this, and in light of the importance of the gift tax rules in general, it is important that one understands the applicable tax rules prior to making a gift. This article serves as a primer of the general gift rules under the federal Tax Code; keep in mind, however, that the exceptions to these general rules are extremely numerous.
- Summary by FizzLaw Team
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A Legal Guide to Federal Gift Tax Rules