[WSBAPT] US Canadian Dual Citizen Gift Tax Implications

[Jacob Menashe]

I am thinking about a US-Canadian dual citizen who resides in Canada. She may make a gift of her Washington property to a Washington resident who is also a US-Canadian dual citizen though a Washington resident. I am only thinking about this from a US tax perspective.



My take right now is: I don't think the cross border aspects change anything from a US tax perspective. In other words, my take is it's all simply as it would be if there were no Canucks involved-for instance, gift tax return required; the use of some lifetime exemption/no tax due (assuming the right facts); and a carryover basis.



Am I missing something? I will be very quick to confer with someone if it may not be as simple, from a US tax perspective, as I think it is.



Thanks,



Jacob

Jacob H. Menashe
Hickman Menashe, PS
4211 Alderwood Mall Blvd., Suite 204
Lynnwood, WA 98036
(425) 744-5658 phone
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www.hickmanmenashe.com

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