Posted by on Jun 2, 2011 in Creative Real Estate Strategies News | 0 comments

IRS Scrutinizes Gifts of Real Estate

Don’t forget that when making a gift of real estate over $13,000, the gift must be reported to the IRS even if its less than the $5 million lifetime exemption. The IRS is steppping up its review of these gifts. Make sure that the proper forms are filed.

For more info, this article can be found in the real estate section of the Wall Street Journal from May 26,2011.

Many thanks to Catherine Swain-Brown, a wonderful real estate professional and member of the Realtors Land Institute in Colorado Springs for reminding us about the importance of reporting these gifts.

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