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<p>I would take a step back, and if this is just about FIRPTA, find
out if FIRPTA would even apply with a US Citizen still on title.
I sort of doubt it would since they would have a taxpayer to
reach, but I don't know that.</p>
<p>And then I would think about the step up in basis on death of
community property when a spouse passes away, and find out whether
you'd be giving that away. Without this transfer and a step up in
basis there'd likely be little or no gain for several years, and
even if FIRPTA applied any money taken would be paid back upon
filing a return. Note that step up in basis would apply whichever
spouse dies first.<br>
</p>
<p>It may be the client is wishing to avoid a non-existent problem
and creating a future liability.<br>
</p>
<pre class="moz-signature" cols="72">Kary L. Krismer
206 723-2148</pre>
<div class="moz-cite-prefix">On 1/12/2021 6:22 PM, John J. Sullivan
wrote:<br>
</div>
<blockquote type="cite"
cite="mid:810EE85B-2A28-4C66-8076-6D385E74DF5C@comcast.net">
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If NRA wife gifts now to citizen husband, the unlimited marital
deduction applies.
<div><br>
</div>
<div>I would specify it’s to create separate property and claim
that REET exemption so if she dies her estate has no CP interest
in US source property. </div>
<div><br>
</div>
<div>John J. Sullivan<br>
<br>
<div dir="ltr">Sent from my iPhone</div>
<div dir="ltr"><br>
<blockquote type="cite">On Jan 12, 2021, at 3:42 PM, Lisa
Chiang <a class="moz-txt-link-rfc2396E" href="mailto:feesimple7@gmail.com"><feesimple7@gmail.com></a> wrote:<br>
<br>
</blockquote>
</div>
<blockquote type="cite">
<div dir="ltr">
<div dir="ltr">
<div class="gmail_default"
style="font-size:large;color:#351c75">Hi all,</div>
<div class="gmail_default"
style="font-size:large;color:#351c75"><br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75">A silly question,
as it's been awhile since I've dealt with this scenario,
so want to be sure:</div>
<div class="gmail_default"
style="font-size:large;color:#351c75"><br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75">Client is U.S.
citizen. Wife used to hold a green card, which she gave
up after they moved overseas a decade ago. IRS deems
her to be a non resident alien (NRA) for tax purposes.
Kids are also U.S. citizens (all minors currently). <br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75"><br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75">Real estate in WA
state acquired as community property when they both
lived and worked here. <br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75"><br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75">Client would like
to take his wife off title of WA house (she's
agreeable). <br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75"><br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75"><b>Wondering about
gift tax issues before we proceed. (Will prepare QDOT
for other liquid assets). Any thoughts or wisdom from
the group is greatly appreciated.</b> <br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75"><br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75">Kind regards, <br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75">Lisa<br>
</div>
<div class="gmail_default"
style="font-size:large;color:#351c75"><br clear="all">
</div>
<br>
-- <br>
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