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If the goal were to avoid having assets, it could be unwound as a transfer without fair value. Otherwise it is a gift of $199,999 to the relative who would take the giver's basis plus any gift tax paid.
If the goal were to avoid having assets, it could be unwound as a transfer without fair value. Otherwise it is a gift of $199,999 to the relative who would take the giver's basis plus any gift tax paid.
Then, you've made a gift. If there are transfer taxes for this in the state, you will need to look at state laws regarding gifts. Some states for property tax purposes will bring up the value of the property to Fair Market Value on such a transfer. (In CA, certain transfers would not be valued to FMV, I don't know Indiana.)
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