Parent gives the rent-free use of the family beach house to adult child. What are the gift tax consequences if:

Parent gives the rent-free use of the family beach house to adult child. What are the gift tax consequences if:

Question:

Parent gives the rent-free use of the family beach house to adult child. What are the gift tax consequences if:

         a. Child personally uses the beach house?

         b. Child rents the beach house to a tenant?

Would your answers depend on whether parent regularly rented the property or used it for personal use?

Expert Answer:

Answer rating: 100% (QA)

The gift tax consequences of giving the rent free use of a family beach house to an adult child can be affected by several factors including the child
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