“The Internal Revenue Service is looking at land-transfer records state-by-state for evidence of people neglecting to report within-family real-estate gifts. This year, large family land gifts were popular because of a new tax rule that established $5 million as the amount someone can give in a lifetime before having to pay a gift tax. However, any property worth more than $13,000, gifted to one person, is still supposed to be reported to the IRS. To be precise, Form 709 reports U.S. gifts and generation-skipping transfer taxes.”
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