Posted on: 23rd Aug, 2010 02:53 pm
My mother has a home in Maryland.
1. If my mother tranfers the title of her house to me via Quitclaim Deed, will there be any reprocussions or penalties from Medicare or Medicade?
2. After the transfer will be responsible for federal, state, local taxes on the home; and can I deduct those on my taxes?
1. If my mother tranfers the title of her house to me via Quitclaim Deed, will there be any reprocussions or penalties from Medicare or Medicade?
2. After the transfer will be responsible for federal, state, local taxes on the home; and can I deduct those on my taxes?
Hi Nathaniel!
Welcome to forums!
Medicaid has a look-back period of 5 years. Your mother might not be able to get Medicaid benefits for the next 5 years after the property transfer. As far as I know, you would be able to deduct property taxes when you pay your federal taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
Medicaid has a look-back period of 5 years. Your mother might not be able to get Medicaid benefits for the next 5 years after the property transfer. As far as I know, you would be able to deduct property taxes when you pay your federal taxes.
Feel free to ask if you've further queries.
Sussane