what is a qualified personal residence trust qprt 
a qualified personal residence trust qprt is a specific type of irrevocable trust that allows its creator to remove a personal home from their estate for the purpose of reducing the amount of gift tax that is incurred when transferring assets to a beneficiary qualified personal residence trusts allow the owner of the residence to remain living on the property for a period of time with retained interest in the house once that period is over the interest remaining is transferred to the beneficiaries as remainder interest depending on the length of the trust the value of the property during the retained interest period is calculated based on applicable federal rates afr that the internal revenue service irs provides because the owner retains a fraction of the value the gift value of the property is lower than its fair market value fmv thus lowering its incurred gift tax this tax can also be lowered with a unified credit 