Following up on earlier Dinesen Tax Times story, the IRS continues to access records of property transfers in an effort to enforce the gift tax. Whenever property is transferred to someone for free or for less than fair-market value, a taxable gift may have occurred, and the person who transfers the property may need to file a gift tax return. A Wall Street Journal article from late May summarizes the latest news on this front.
More About IRS Enforcement of Gift Tax
About the Author: Jason Dinesen
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