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How would this work? I can't gift a house or an apartment to my child?
by feanaro 5y ago
How would this work? I can't gift a house or an apartment to my child?
- PopAlongKid 5y agoMaybe a better way to handle it is to abolish income tax-free inheritance (I'm not talking about a wealth tax). If you make a gift of property while alive, the recipient would, if they sold it, still owe income tax on any gain in the value of the property since your acquired it. But if you die and the property is inherited, in the U.S. there is a magical basis adjustment to the fair market value on date of death, so all that income is suddenly tax free, for no particular reason.