The Pentera Blog
Ask the Experts - When to Issue an 8283 Regarding Property in a Flip Trust
Dear André,
There is a FLIP trust that holds a condo in Cape May, New Jersey. The property has been appraised but not sold. Can we issue an 8283 to the donor when the property is deeded into the trust, or should we wait and issue an 8282 when it is sold?
Lisa F.
Dear Lisa,
Your note states that the flip trust "holds" a condo; that implies that the condo has already been transferred to the trust, which means that the trust should or would have to issue the 8283 even though the condo has not been sold. If the trust sells the condo within three years, the trustee would then have to file an 8282.
André
