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I was researching and reading on this subject. I came across this link regarding Gift Deed. Quoting from link “Gifts of property must be reported by the recipient on the recipient’s federal income tax form.”
https://homeguides.sfgate.com/quitclaim-deed-vs-gift-deed-1494.html
I thought that the donor has to report and pay the gift tax or use the unified tax credit. From the quote above, how and on what tax form the recipient has to report on? I am assuming that the recipient has to report to establish the basis for future sale.
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