If we choose to gift an apartment of ours to a child, can they gift it back to us in a few years without them and us having to owe any tax for any reason? If so, how much time is the minimum that the child needs to hold onto the apartment in order that the IRS would consider it a legal gift and it would be legal to gift it back to us without any tax needing to be paid by either of us?
We live in another country and the apartment is outside the U.S. We wish to gift the apartment to the child so we can purchase a second apartment without having to pay a purchase tax where we live. If one owns an apartment, they must pay a purchase tax on the additional one. If they gift it to a child, they do not. This was advised to us by our lawyer in the country where we live, we just want to do it in a legal way with the IRS as well as we file a 1040 annually.
I was told by a U.S. accountant that we can gift the apartment to our child since it's well under the $11million life-time gift limit.
So does it matter when/how long an apartment is gifted to a child to cause any tax liability by the IRS? Can the child gift it back the next day? Or it doesn't matter?