What is the name of your state? FL
My mother has deeded her house to me through a life estate, retaining the remainder interest for herself. I am preparing her Form 709 and I understand the the entire value of the house (with no discount) is included in her Gift Tax return.
I believe that the house will also be includable in her future Estate Tax return. If that is correct, isn't that double counting the asset? Thanks for your help
P.S. -- A senior member suggested I move this posting from Estates and Trusts to this Tax Thread. I am new at this -- sorry for the "double posting"
My mother has deeded her house to me through a life estate, retaining the remainder interest for herself. I am preparing her Form 709 and I understand the the entire value of the house (with no discount) is included in her Gift Tax return.
I believe that the house will also be includable in her future Estate Tax return. If that is correct, isn't that double counting the asset? Thanks for your help
P.S. -- A senior member suggested I move this posting from Estates and Trusts to this Tax Thread. I am new at this -- sorry for the "double posting"