Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

Please Type Topic Into Search Bar

Will I Owe Federal Gift Taxes On Property Contributed To A Trust?

Trust Federal Gift Tax
TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

User Photo
Keith Youngren, CPA
The creation of a trust, or the contributing of property to a trust may or may not have gift tax implications, which would require the filing of Form 709, Gift Tax Return. For gift tax purposes, a gift is complete to the extent the donor (the person making the gift) has irrevocably parted with dominion and control over all or part of the transferred property, whether directly or indirectly, leaving the donor without the power to change its disposition, whether for the benefit of the donor or for the benefit of others. Where a grantor trust has been established, generally no gift tax would be due on property contributed. In situations where an Inter Vivos irrevocable trust is the recipient of property contributed, a gift tax return would generally be due. Testamentary trusts would be subject to estate and gift tax rules/filing requirements.
If you would like more information on trusts or setting up one, please contact Keith Youngren at www.taxconnections.com/Keith-Youngren-CPA/12274983/United-States/Texas/Austin/profilepage
Leave a Comment 55 weeks ago

 

View/Select our Current List of Tax Topics

# A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

Previous PageNext Page

Contact Us Today