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Message
House under seniors name: tax savings?
Posted on 9/12/24 at 12:03 pm
Posted on 9/12/24 at 12:03 pm
I plan on moving my old parents in and heard if I put a house under their name, I would save a lot on property tax due to them being 65+. Anyone ever do this? What are the risks?
15
Posted on 9/12/24 at 12:06 pm to fareplay
I assume you're in Louisiana. If so, there is a $75000 home stead exemption for seniors over 65. You do not pay taxes on the first $75K of value.
Putting in their name gives them the rights of ownership and all that entails.
Do you have a mortgage?
Putting in their name gives them the rights of ownership and all that entails.
Do you have a mortgage?
Posted on 9/12/24 at 12:12 pm to fareplay
What do you care? You don't even know the frequency/amount of your mortgage payments.
Posted on 9/12/24 at 12:55 pm to ItzMe1972
quote:
I assume you're in Louisiana. If so, there is a $75000 home stead exemption for seniors over 65. You do not pay taxes on the first $75K of value.
quote:
I assume you're in Louisiana. If so, there is a $75000 home stead exemption for seniors over 65. You do not pay taxes on the first $75K of value.
Are you saying there is an additional $75k exemption beyond the one everyone gets for their primary home?
The only benefit I know of with the seniors is that some can request a freeze on the assessment value.
Posted on 9/12/24 at 1:01 pm to fareplay
Texas allows you to freeze your property tax after a certain age so they don't go up the rest of the time you own it.
Posted on 9/12/24 at 1:04 pm to fareplay
quote:
I plan on moving my old parents in and heard if I put a house under their name, I would save a lot on property tax due to them being 65+.
You want to go through the costs of a title change, recording that, getting bills in their name, that you will pay, and then when they move on, go through probate or whatever process to get it back, and all those administrative costs to create a legal fiction that you are not the owner in order to shave a few pennies off a property insurance bill?
With all due respect, you generate a lot of threads/discussion where you just absolutely love to complicate your life. You should buy a title company and get all these transactions done at cost, at least.
Posted on 9/12/24 at 1:08 pm to notbilly
Are you saying there is an additional $75k exemption beyond the one everyone gets for their primary home?
The only benefit I know of with the seniors is that some can request a freeze on the assessment value.
--
Yeah, I missed this question.
The only benefit I know of with the seniors is that some can request a freeze on the assessment value.
--
Yeah, I missed this question.
Posted on 9/12/24 at 2:22 pm to fareplay
Seems like fraud. Usually doesn't end up well.
Posted on 9/12/24 at 2:38 pm to WhiskeyThrottle
What about in their passing? If I inherit it
Posted on 9/13/24 at 3:29 pm to fareplay
quote:What about it?
What about in their passing? If I inherit it
Posted on 9/13/24 at 4:48 pm to fareplay
quote:
What about in their passing? If I inherit it
Then the property will be reassessed and you will pay the full amount of taxed owed. The freeze wouldn't apply to you b/c you don't meet the age threshold.
Posted on 9/13/24 at 6:37 pm to fareplay
Who, in their right mind, would want to load up their parent(s) with the mental burden of them owning (at least on paper) a house that isn’t their’s?
I wouldn’t want my kids doing that to me when I’m old.
That’s shitty and inconsiderate to burden old people that way.
They’ll be worried about losing your house and powerless to know or do anything to make sure the investment is safe.
tl/dr: Pay your taxes
I wouldn’t want my kids doing that to me when I’m old.
That’s shitty and inconsiderate to burden old people that way.
They’ll be worried about losing your house and powerless to know or do anything to make sure the investment is safe.
tl/dr: Pay your taxes
Posted on 9/13/24 at 6:44 pm to fareplay
If it sounds to good to be true….
At minimum, get an attorney.
At minimum, get an attorney.
Posted on 9/13/24 at 8:09 pm to soccerfüt
quote:
That’s shitty and inconsiderate to burden old people that way
Consider the OP. One of the worst posters on the OT found his way here.
Posted on 9/13/24 at 10:01 pm to fareplay
Here in GA where my mom and I live (Cobb County). Seniors (65+) are exempt completely from the school general/bond taxes. That school portion is ~60% of my property taxes.
Posted on 9/13/24 at 10:54 pm to gpburdell
This seems like a no brainer
Posted on 9/14/24 at 5:47 am to makersmark1
quote:
If it sounds to good to be true….
At minimum, get an attorney.
I'm in Georgia, but my closing attorney actually suggested putting my parents on the deed as well for property tax purposes when I bought their house.
Biggest downside would be trust. Obviously as partial owners, they are entitled to certain rights. And for inheritance, If you have a sibling, you would want to know if you can trust them as well
Posted on 9/14/24 at 9:06 am to fareplay
quote:
if I put a house under their name
Do you go to the put your house under someone else’s name store to get this done?
Posted on 9/14/24 at 11:25 am to Puffoluffagus
I guess if you are an only child, parent does not have a second spouse, etc and so forth.
I’m just saying, it ain’t as easy peasy as looking at a message board and deeding your house to your parents.
I bet there are things we have not thought about that could be in play.
I’m just saying, it ain’t as easy peasy as looking at a message board and deeding your house to your parents.
I bet there are things we have not thought about that could be in play.
Posted on 9/14/24 at 11:36 am to fareplay
Along with everything else already mentioned, putting your parents on the deed would, in most cases, be categorized by the IRS as a gift. Gift tax limits for 2024 are $18,000 per person. So your parents would owe income tax on the value of the house over $36,000 ($18,000 for mom, $18,000 for dad). If you are married and your wife is on the current deed then the exemption may go up to $72,000 (18k to each parent from each spouse).
Depending on the value of the house and your parents' age and tax bracket, you may cost them more in income tax than you save in property taxes.
Depending on the value of the house and your parents' age and tax bracket, you may cost them more in income tax than you save in property taxes.
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