Posted by Steve Heller on April 11, 1999 at 17:50:29:
I hope you don’t mind me asking you a tax question for a friend of mine. His father made $15,000 in improvements to his son’s rental house; on the same property as the son home. The father gave the son $10,000 in cash gift in 1998. Does the son have income for the value of improvements to the home or is this a gift that the father would have to pay gift taxes on in 1998? Your help appreciated.