Note: The content of this video applies only to taxes prepared for 2010. It is included here for reference only. The IRS charges taxes on certain gifts that people make during the year. Learn about the IRS rules for Gift Tax with help from TurboTax in th
It's not hard to guess right on this one. Under IRS tax rules, every gift of real estate is considered a gift of equity. The value of real estate for gift tax purposes is set at fair market value. This means that your parents have to pay gift tax on the price that the real estat...