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Rewards and risks of gifting property to relatives
Q: We have a condo that we will gift our granddaughters when and if they graduate from the Air Force Academy a few years from now. Since my wife and I can gift $12,000 a year to each of our two granddaughters, in four years we would be able to completely transfer the property, which is worth about $196,000, and avoid any gift tax.
Benny L. Kass
June 14, 2013