Some decent estate planning could make this unnecessary. Each person can give 12K per year tax free as a gift. Anything over that, and you start getting into gift taxes. Assuming you’re married and your kid is married, this ends up being 48K per year. You can give 12K to each person and your spouse can give 12K to each person. I do believe that paying far more than FMV for an item is considered a gift by the IRS.
