If someone gifts a home to either an individual (family member) or directly into a LLC (owned by the same family member). Is the gifting treated the same by the IRS with regards to the donor's lifetime gift tax exemption?
In depends. There are different structuring options. You should work with a business/estate planning attorney. Best of luck!
In 2018 and 2019 you can gift to an individual $15,000 which will not affect your lifetime gift tax exemption. As you probably know, anything more than that must be reported on a gift tax return and reduces the lifetime exemption. However, you cannot make a "gift" to a business entity that is owned by you. Transferring the property to the LLC would be treated as a capital contribution to the partnership or business. There are other issues in play beyond what can discussed in a general forum like Avvo. So as to avoid making a costly mistake, discuss you plan with a local tax attorney.
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