hard · Certified Financial Planner Tax Planning
The Patel household is wealthy and wishes to gift $500,000 in cash to their son in 2026. The father dies in 2027.
Under the 3-Year Lookback Rule (Section 2035), what is brought back into the father's gross estate?
- Any gift tax actually paid on the $500,000 gift.
- The $500,000 cash gift plus any appreciation that occurred between the gift and death.
- The entire $500,000 cash gift.
- Nothing, because the gift was under the $15,000,000 basic exclusion amount.
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