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southwest minn | Again - CPA advice is necessary. Likely if she attached such a condition to a gift to the church for a transfer during her lifetime, it may not qualify for any income tax deduction and may be taxed as a sale, at least in part. If she waits until death to transfer, her estate gets a stepped up basis so no tax on transfer - she could give all to church or nephew, or any combination tax free.
Another idea for CPA - maybe a combo where price to nephew is her basis, or just gift with no price at all if she so wishes. Her U S gift tax exclusion and lifetime deduction should render no tax. Nephew then keeps her tax basis.
Again - CPA advice necessary. | |
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Selling land and avoiding tax question
