gifts

Many families assume that once parents give away property, cash, or investments during their lifetime, the tax story is over. In reality, lifetime gifts can create unexpected tax questions for both the people making the gifts and those receiving them. Understanding what was transferred, when it happened, and how it was documented is the first step toward avoiding costly mistakes.

If you give a friend a gift and he turns around and sells it at a big profit, you may be questioning how much of a friend he really is.