IRS Scrutinizes Gifts of Real Estate
The IRS is cracking down on gifts of real estate to family members. We often see situations where mom and dad put the kids on the deed, or outright give them real estate without realizing that this is a gift (or they realize it is a gift but figure nobody will ever know). Now the IRS is looking. With the lifetime exemption at $5mm there is no reason not to dot the i's and cross the t's.