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He will be required to pay tax on a fair market value if it is a gift. Another option might be to "sell" it to him for a significant amount below market value and carry back a note. The note might not have any payment schedule, or you could even state that you have received regular payments. There are always options, so it would be best to talk to either a tax attorney or a good tax accountant who regularly deals with living trusts and other such mechanisms.

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โˆ™ 2006-04-26 13:53:14
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Q: You want to quit claim deed property held in a living trust to your son for love and affection no money Will he be responsible to the IRS for inheritance tax?
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