As most tax practitioners can attest when someone finds out you are a tax specialist the first thing they want to know is how they can give their house away (to their children usually) and still live in it. The response usually starts with an explanation of the mechanics of the gift with reservation of benefit rules and ends with the pre-owned asset tax provisions. But there is a way. By gifting only a part of the home and then after sharing the home with the donee a gift with reservation of benefit (GWROB) is not deemed to have occurred. The issue however is that there are quite a few pitfalls and loopholes that need to be navigated and as such much care and thought needs to be made before suggesting and proceeding with these arrangements.
What are the facts surrounding...
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