When you gift the property, it does not result any income/loss

on both side. So no income tax for a gift. However, the donor is subject to the gift tax. The annual limit is around $13K (you need to check the exact amount on IRS)/ year. Consult a CPA to see if there is any tax planning. I assume you are resident because non-resident alien subject to different rule.

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• Also the base is carried over to your children -nnong- ♀ (0 bytes) () 07/21/2013 postreply 11:19:28