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Topic: Excludable gift for NRA spouse  (Read 1560 times)

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Excludable gift for NRA spouse
« on: December 10, 2023, 10:35:10 AM »
Quick question about the above. Is it possible to backdate the excludable NRA spouse gift for years where this hasn’t been done? Specifically concerning transfer of the value of our primary residence. I know that the excludable gift is not reported to the IRS.

Also, do you record such gifts on a spreadsheet?

Thank you!


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Re: Excludable gift for NRA spouse
« Reply #1 on: December 10, 2023, 10:55:55 AM »
I don't know the answer but am interested in seeing the responses
Dual USC/UKC living in the UK since May 2016


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Re: Excludable gift for NRA spouse
« Reply #2 on: December 10, 2023, 11:26:27 AM »
I have so far tried internet searches on this subject with no success.  I am hoping that someone on this forum may have an answer!
Given that the excludable gift is not reported to the IRS it should only be recorded on personal records, unless I am missing something.


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Re: Excludable gift for NRA spouse
« Reply #3 on: December 11, 2023, 11:17:52 AM »
AHA!  I can help, as i did all this last year.     I'm dual, husband british.   i have a great (and expensive) IFA dual qualified due to complex inheritance etc., so it's not a google answer  :)        yes, if you keep the amount below the transfer threshold, you can easily back date it- the only "proof" of the gift as it is theoretical, is that you keep an excel spreadsheet or similar like you do to keep track of gifting and keep it near your will etc for the executors.   The 2 things you need to have are a valuation of the house in question-- so that you know what percentage you are gifting each year.  I just got an online valuation which lowballed it and printed it out.    And secondly, you need to change the land register. You must SEVER any joint tenancy (if you have it) and have the property held as tenants in common.  You register the % that each party owns.   I owe 4%, husband the rest.     You could get slicker and own the maximum under the inheritance threshold, but i didn't bother.  (we've been married 33 years, no one is going anywhere and my 50% interest would be protected by UK divorce laws anyway)         



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Re: Excludable gift for NRA spouse
« Reply #4 on: December 11, 2023, 07:08:48 PM »
My understanding is that courts are unlikely to respect something supposedly "backdated". I would also be concerned about SDLT payable on the gift if the property is mortgaged. I would always, without exception, recommend legal advice where real property is involved.


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