Q: If I own a house/land worth $650K and want to gift to my parents, are there any tax implications for them or me?
A: There are tax implications to all Parties involved. This issue needs a competent attorney's advice after considering all the known facts. Most importantly, what is your basis? A Future Interests Deed might accomplish your goals and should be considered by an attorney who knows how to draft one. Also most of the land might be separated from the house.
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