My parents had a 2nd home and they gave me power of attorney and had the home put in my name and my husband's. Mainly so the Nursing HOme, etc. won't get it. Will i have to pay taxes on it, if we sell it, and does the nursing home still have access to it?
2007-04-20 08:09:25 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
Consult an attorney and/or CPA. Find someone specializing in estate planning/family law. There's way too many issues here to trust what your answers might be. Especially if you're dealing with state-funded medical stuff, avoiding paying for it and shuffling assets, etc... There's probably tens of thousands of dollars at stake here. Go spend the money for some real advice.
2007-04-20 08:17:01 · answer #1 · answered by Yanswersmonitorsarenazis 5 · 1⤊ 1⤋
Yes you will have to pay taxes on it if you sell it. You have not inherited the property, you received it as a gift. The basis is the basis of the donor.
Yes the nursing home will have access to the money if you sell it.
Get some legal advice, your best move now may be to hold on to the property and hope the 5-year lookback doesn't go into effect.
2007-04-20 09:26:05 · answer #2 · answered by ninasgramma 7 · 3⤊ 1⤋
I would have an appraisal done on it now, before you have had it too long. The reason being if later you want to sell it you will have an appraisal already done.
I say this because my mom left my brother and my daughter and my self a property and we had an appraisal done right away. We are now selling the property and because we had the appraisal done and it was done high by the person doing it, the sale price is falling where it is looking as we won't be having to pay capital gains on it. Yes we are really happy about that.
I would also suggest that you consult with an attorney, you can get a free consultation. You would be better to ask a lawyer about all your questions so that you can best protect your selves.
Most likely you may have to pay taxes on it but again get a FREE Consultation with an lawyer. You will be able to speak with some one and find out some of your questions. We had to do this our selves and we found out many things with out having to pay any fees to the lawyer. That helped us out a great deal.
Consult Free with an Estate lawyer.
Good luck, I'm sure all will work out fine for you.
2007-04-20 08:20:42 · answer #3 · answered by Cindy 6 · 0⤊ 4⤋
all and sundry/couple with £16000 or greater isn't waiting to get Housing income. gifting away money - extraordinarily a sum as great as £50000 could depend as ‘deprivation of capital’ under Housing income regulations and that they won't qualify. the significant question advantages will ask to come to a decision ‘deprivation’ is develop into it carried out so as to qualify for income ie what develop into the objective. in case you may tutor that the inducement develop into to not be waiting to declare income then they could desire to be ok. The onus is on advantages place of work to tutor deprivation. Sorry not sure approximately paying tax, in spite of the undeniable fact that I wouldn’t think of so.
2016-11-26 00:52:29 · answer #4 · answered by heitman 4 · 0⤊ 0⤋
Among other things, if they have a need for support from public funds for their nursing home care within 5 years of giving the home to you, it will be taken to pay for their care. Your tax situation is the least of your worries right now.
2007-04-20 08:21:22 · answer #5 · answered by Bostonian In MO 7 · 4⤊ 2⤋
Yes, you will have to pay taxes on it and the nursing home will have access to the money once it is sold.
2007-04-20 08:14:36 · answer #6 · answered by SweetBrunette 5 · 1⤊ 3⤋