Couple A deeded real property (which was and is their personal residence continuously for 30+ years) to Couple B, for no monetary consideration, retaining a Life Estate, and maintaining full possession and control of the property. A year later, Couple A wants to rescind the transfer. Couple B has no objection to Couple A's change of heart/mind but doesn't want to incur any expenses or financial obligations as a result of the aborted transaction. What are the federal tax implications for Couple B if they deed their future interest in the property back to Couple A?
- posted
9 years ago