This year Don and his son purchased real estate for an investment. The price of the property was $500,000, and the title named Don and his son as joint tenants with the right of survivorship. Don provided $320,000 of the purchase price and his son provided the remaining $180,000. Has Don made a taxable gift and, if so, in what amount?

Question

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[$320,000 - ($500,000)/2] - $14,000 in 2016
An individual who creates a joint tenancy (either a tenancy in common or joint tenancy with right of survivorship) with someone who does not provide adequate consideration is deemed to make a gift at that tim

This Year Don and His Son Purchased Real Estate for an Investment