You may, however, have some gift-tax consequences.  Support comes from the Tax Court and the IRS who have taken the view that there can be a taxable gift in connection with a landowner’s failure to charge fair market rent. See Wineman v. Commissioner, T.C. Memo. ¶ 2000-193 (2000) (here the taxpayer made a taxable gift by renting ranch property to her children at a below-market rate); and PLR 9433016 (requiring fair market rent in a post-QPRT termination lease arrangement). These authorities rely on the assumption that there is value in the use of property and that allowing someone to use property without paying for the use is a gift.

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