Sidney Kess Transfers Without Consideration: Income and Gift Tax Implications
In this edition of his Tax Tips column, Sid Kess presents some guidelines on how to treat gratuitous transfers for federal tax purposes.
September 07, 2021 at 12:00 PM
7 minute read
Transferring cash or property to another person with no consideration, or consideration less than full fair market value, has income and gift tax implications. For income tax purposes, the donee (recipient) does not recognize any income on the receipt of the gift (Code §102). For federal gift tax purposes, the donor is responsible for the tax if it applies, whether or not the donor intended the transfer to be a gift (Reg. §25.2511-1(h)(5)). Here are some guidelines on how to treat gratuitous transfers for federal tax purposes.
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