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Old 02-01-2016, 05:37 PM
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Join Date: Sep 2015
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Is life estate gift?

My dad (NRA) set up irrevocable trust. House is only asset. My kids are beneficiaries. I am trustee. Dad gave my right to live in the house as long as I am alive. After my death estate passes to kids. Is it gift? If so, how much I have to pay to IRS? House was bought for $400 (2012). Now it may be $500K



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