In a Chicago Tribune article titled, "Giving Property as a Gift Requires Careful Tax Planning," Benny Kass discusses the issues that arise when giving property as a gift. The article discusses under most circumstances, he does not like the idea of gifting property, as there are usually tax consequences and that "the tax basis of the giver of the property (the giftor) becomes the tax basis of the recipient of the gift (the giftee)."
Posted by William Alan Nelson II, Associate Editor, Wealth Strategies Journal
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