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1. Have an appraisal of the property done immediately. This is
to establish the fair market value to support your gift tax.
2. Have a competent professional perform the calculations for valuation
of the remainder interest in the form of an opinion.
3. File a gift tax return with your next tax return.
4. Obtain a tax identification number for the trust. Go to http://www.irs.gov/pub/irs-pdf/p1635.pdf
5. Tell your CPA/tax preparer that you have transferred your residence
to an irrevocable qualified personal residence trust retaining a
life estate and your personal tax benefits.
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