December 4, 2013 |
Considering Gifting Your Home? Read This Before You Give Away The Castle.
Many parents want to believe that their children would never kick them out of their own home. However, the sad reality is that this has ...
Learn MoreConsidering Gifting Your Home? Read This Before You Give Away The Castle.
Many parents want to believe that their children would never kick them out of their own home. However, the sad reality is that this has been the subject of more than one lawsuit. As a recent article explains, if you are considering gifting your home to your child or children, it is important to consider that possibility and other consequences.
First, the gift of a home is often a taxable gift. If a parent signs a deed gifting the house to their children, he or she should file a gift tax return as well. If this gift tax return is not filed, the parent may lose the ability to claim an exemption from the gift tax and may owe taxes on the transaction.
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