Purchase of time share I would like to leave it to my 4 nephews and nieces as a gift. how would I set this up with the IRS so the Tax consequence is understood.
Timeshare as a gift to family how is it reported for tax purpose?
You may donate up to $12,000 per recipient per year to an unlimited number of recipients without having to file a Gift Tax Return or pay any Gift Tax. Structure the donation so that you don't donate any more equity than that per recipient per year and there are no reporting or filing requirements.
There are no reporting requirements for the recipients nor do they pay any tax on the gift as gift taxes are levied only upon the donor.
Reply:OK, so yet again, why the thumbs down on the above answer? Looks correct and complete to me.
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