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Published: Sunday, June 08, 2008  

When is a Gift a Gift for Tax Purposes?
By Tara Chabria

An uncle makes a loan to a nephew and then forgives the loan. Is this a gift? A parent sells assets to a child at a greatly reduced value. Is this a gift? Also you placed your children’s name on your home. Is this a gift? Example: Assume Amari has a home worth $300,000. He executes a deed deeding the home to himself, and to his daughters Jasmin and Sara. Amari can no longer sell the house without the approval of Jasmin and Sara. Is this a gift? Answers and Helpful Information

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The articles published here represent the personal views of the author(s), and not necessarily the views of any securities firm, insurance company, FINRA, SEC or organization with which he or she may be affiliated. All statements made in these articles are for general information only and are not intended to provide, nor should they be relied on as, legal or investment advice.  Readers must consult with their qualified investment, tax or legal advisors before relying upon any content contained herein. Statements made in these articles may be incorrect for your state or jurisdiction. Also keep in mind that at the time when you read such statements the underlying rules, regulations and/or decisions may no longer be controlling or persuasive as a matter of investment or insurance law or interpretation.