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Financial Planning / Tax Strategies


Subject:  Re: Rental Property Gift Date:  3/28/2001  11:11 PM
Author:  pbpapa Number:  49212 of 127753

First, your uncle has made a very generous, taxable gift (taxable to him). Second, if one of you three has a LOT more income than the other two, it might result in a lower total tax to the IRS if that person took the whole deal and made some separate arrangement with the other two. BUT that would mean that the 'rich' brother would have sole authority to dispose of the property, AND he would (in all candor) be liable for potential gift tax when/if he split the net with the other two.
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