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Posted on 9/16/24 at 9:50 am to PJinAtl
I think the giver pays the gift tax not the recipient.
Posted on 9/16/24 at 10:47 am to fareplay
Aren't there potential issues with Medicaid being able to file a lien on someone's home to get reimbursed for nursing home costs? I thought a lot of older people put their homes in a trust for that reason. Don't know if that affects the OP anyway, but I'm sure someone here can probably speak on that better than I can.
Posted on 9/16/24 at 11:39 am to fareplay
quote:don't do it. I don't care how well you trust your parents, and how great the relationship is. Don't do it. You WILL regret it
put a house under their name
Posted on 9/16/24 at 2:59 pm to fareplay
If they are over 65 and don’t make over a certain income level, their assessment will get frozen and the taxes won’t increase.
That is the answer to the property tax question. As mentioned above, there is also the question of asset being lined or otherwise put in jeopardy in case they would have to go into a nursing home or something. Most people try to get property out of an older person’s name because of this.
That is the answer to the property tax question. As mentioned above, there is also the question of asset being lined or otherwise put in jeopardy in case they would have to go into a nursing home or something. Most people try to get property out of an older person’s name because of this.
This post was edited on 9/16/24 at 6:11 pm
Posted on 9/17/24 at 10:14 am to fareplay
quote:
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?
If they die wouldn’t the house then go into probate? Avoiding that situation was such a strategy of my family that my sister and I are on everything that my parents own.
Posted on 9/17/24 at 11:01 am to geauxpurple
quote:
Most people try to get property out of an older person’s name because of this.
Yes, that’s typically the case. It sounds like he’s attempting to game the system, but without knowing all the rules of the game.
As an acquaintance of mine said years ago: things be not easy, when one seeks to be cheesy.
Posted on 9/17/24 at 10:09 pm to fareplay
God ur dum
Posted on 9/25/24 at 11:31 am to PJinAtl
quote:
...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
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.
This would be a gift, not income. They are not one in the same. Currently there is a lifetime exemption of about $14 million per person for the estate and gift tax... not that I'd recommend that route
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