IRS Now Examining Recorded Deeds For Unreported Gifts

IRS Now Examines Recorded Deeds For Unreported Gifts

The IRS is now reviewing recorded deeds to discover gifts of real estate interests transferred without reporting such gifts on the Form 709 gift tax return. Please see my article entitled IRS Checking Real Estate Transfers For Unreported Gifts  that provides an overview of the federal gift tax and the related income tax implications at the following link: IRS Checking Real Estate Transfers For Unreported Gifts

This area of the law has taken on greater importance as the IRS has now begun an aggressive campaign in auditing taxpayers for gifts of real estate interests.  This is a must read for anyone contemplating a gift or death-bed transfer of real estate as well as real estate agents and real estate attorneys recommending gifting real estate.  Without insight into the gift and income tax implications huge tax mistakes may result.

Bottom Line:  Before making any gift taxpayers would be well served  to discuss this strategy with their tax attorney or tax accountant to see if it really makes practical, financial and tax sense in your particular situation.

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From their offices in Philadelphia, PA, the law firm of Steven J. Fromm & Associates, P.C. provides a full range of estate planning, probate and estate administration, tax, business and corporate legal services to clients throughout eastern Pennsylvania and the Delaware Valley, the Lehigh Valley Area, the Five-County Area, Bucks County, Delaware County, Montgomery County, Chester County, Philadelphia County, Berks County, Lehigh County, Lancaster County, York County, Harrisburg, Norristown, Doylestown, Media, West Chester, Allentown, Lancaster, and Reading.

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