Gifting a Personal Residence or Farm
A donor can get income and estate tax benefits from this transfer, even if he keeps the right to life enjoyment
Had she planned on giving that shoe (her personal residence) to a charitable remainder unitrust (CRUT) or charitable remainder annuity trust (CRAT) — and didn't vacate before funding the trust — no income tax deduction would have been allowable. Her use of the shoe would have been a prohibited act of self-dealing. She wants to live in her shoe (or other personal residence) — and get tax benefits now. Read on. To continue reading, click here.
