Posted on: 24th Aug, 2009 01:57 pm
My parents want to sell there house and eventually move into elderly care or assisted living - depending on their health at the time. They have no money other than their house and would like to have some help, financial aid, to pay for their future living arrangements. The concern is that when they sell the house (which will be about $100,000) they will not qualify and will have to spend everything they have on living which may only last a few years at today's rates. So, they thought is quit clain deeding the property over to me, their son, to take it out of their name so that they will not be refused financial support.
the questions are:
- will this work for them and their situation?
- the house is paid off and I would get it for about $10, so would I pay gift tax on the amount over the $13K exclusion or just file a tax form in relation to the estate limits?
- any other issues I need to consider?
the questions are:
- will this work for them and their situation?
- the house is paid off and I would get it for about $10, so would I pay gift tax on the amount over the $13K exclusion or just file a tax form in relation to the estate limits?
- any other issues I need to consider?
Hi Brent!
Welcome to forums!
I think transferring the property to you may work for them. But it would be better if your parents and you could consult a real estate attorney and take his opinion in this regard. As far as gift taxes are concerned, you will not be responsible for it. As your parents are gifting the property to you, they would be responsible for the gift taxes.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
I think transferring the property to you may work for them. But it would be better if your parents and you could consult a real estate attorney and take his opinion in this regard. As far as gift taxes are concerned, you will not be responsible for it. As your parents are gifting the property to you, they would be responsible for the gift taxes.
Feel free to ask if you've further queries.
Sussane
If my fatherinlaw wanted to give me his home or sell it to me for say 10 bucks, how long or is there such a waitin period to get the deed to the home? and once the home is sold to me, in which it is paid off now, can state come in and take it over even if it is sold to me. just curious. Nothing is owed on the house nor does my fatherinlaw owe the state
Hi judylynn!
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/about26730.html#116193
Please take a look at it. I hope it will help you.
Sussane
Welcome to forums!
Your query has been answered in the given page:
http://www.mortgagefit.com/propertytransfer/about26730.html#116193
Please take a look at it. I hope it will help you.
Sussane