Today TaxMama hears from Barb in the TaxQuips Forum with a simple question. “The farmer is selling his farm, and everything on it, to his son for $1. The basis of the farm and the machinery is approx $100,000 and FMV approx $510,000. How do I file their Form 4797?
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Dear Barb
That’s not a sale. It’s a gift.
If this is what they want to do. Fine.
File a gift tax return for everything over $13,000.
Or if Mom is still with dad, over ,000.
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Or if son is married, Mom and Dad can give the gift to son and wife = ,000.
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With a $5 million lifetime gift tax exclusion for each – Mom and Dad, there’s lots of room to do some gifting.
Nothing they do, short of a legitimate FMV sale will change the basis anyway.
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And remember, you can find answers to all kinds of questions about selling to related parties and other tax issues, free. Where? Where else? At www.TaxMama.com.
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