You may need entries that we have to do behind the scenes. Just contact us at support@bivio.com with the specific details about what you would like to do and we'll be glad to help you out.

On Tue, Apr 29, 2014 at 11:53 AM, Raka maka <rakamaka@inbox.com> wrote:

Is it possible to Gift(not sale) investment Club Units from one club member to another club member(within same club)?
I am aware of annual gift limits of $13000 or so..
Any IRS forms or Club agreements to fill for such gifts?..
Thanks

The best way to make the entries depends on whether the giver shows a gain or loss on their investment in the club.

If they have a gain, the units would be transferred to the receiver at the givers cost basis. We need to make those entries for you.

If the giver has a loss, it's best to enter a withdrawal for the giver and then a corresponding member payment for the receiver for the same amount with the same valuation date.

On Thu, May 1, 2014 at 12:42 PM, raka maka <rakamaka@inbox.com> wrote:

Thanks for reply. I wonder if giver can gift units to a non-family person club member?

Also what is better way, for accounting purpose, to gift units directly or to cash out units and then gift cash?

Do someone need to make changes to capital contribution account of club when ownership of unit changes after gift?

Also what is new cost basis of gifted units for a receiver?

-----Original Message-----
From: laurie@bivio.biz
Sent: Tue, 29 Apr 2014 14:21:00 -0400
To: club_cafe@bivio.com
Subject: Re: [club_cafe] Gift of Club Units

Hi Raka,

It is possible to gift units. There may be gift tax forms the person making the gift needs to fill out, but nothing the club needs to file. The gifter should make sure they understand the tax consequences of the gift in relationship to their own personal tax situation.

There are different rules depending on the situation and the relationship of the giver to the giftee.

You may need entries that we have to do behind the scenes. Just contact us at support@bivio.com with the specific details about what you would like to do and we'll be glad to help you out.

One thing to note. We have had situations where the giftee has told the club that someone else wants to gift their units to them. If that is the situation in your club, make sure you have proper documentation and authority from the giver before making the transfer. You don't want your club to end up in the middle of something that shouldn't have been done.

Laurie Frederiksen
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On Tue, Apr 29, 2014 at 11:53 AM, Raka maka <rakamaka@inbox.com> wrote:

Is it possible to Gift(not sale) investment Club Units from one club member to another club member(within same club)?
I am aware of annual gift limits of $13000 or so..
Any IRS forms or Club agreements to fill for such gifts?..
Thanks

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