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Yeah, I’d make sure you have a financial planner weigh in here. Years ago, folks used to do this kind of thing to game the Medicaid system. They’ve put in better controls for that now and catch it frequently.
Not sure if this will trigger gift taxes for your parents or not. Might want to look into that.
Pretty sure it will if OP doesn’t pay fair market value. My dad’s properties are all in a trust to make it easier for me when he passes.
Oh you are in a world of hurt for the taxes. IRS will see this as a taxable gift and possibly a fraud attempt to get around inheritance taxes. Talk to a CPA about estate planning and possibly set up a trust.
Id make sure u can cover the property taxes if they cuz you can lose the paid off house because of a tax lien
My parents are gearing up for retirement so I’m assuming that’s why - I didn’t really ask but also don’t want to give myself probs in the future.
Someone I know did this to avoid any potential issues if/when they went to a nursing home so it couldn’t be considered an asset to be acquired by the nursing home. There could absolutely be other reasons (clearly if they are gearing up for retirement they aren’t planning on a nursing home but just a thought). Might be a good idea to talk to a financial planner about possible impacts.
I think you could be on the hook if they stopped paying the property tax (worst case you'd lose the house and be no better or worse off than you are now), but there shouldn't be other immediate tax issues. I assume this is to help with inheritance down the line, but may not actually be the best strategy because of how the property is valued at death vs if you were on the deed earlier - in other words, you could be on the hook for a larger capital gains tax if you were to sell the house after your parents passed away if they put you on the deed now.
IRS could flag it as income now - that would be a huge immediate tax impact
Agree on property taxes per above. And if it's your asset, could definitely be considered a gift. There are lifetime exemptions for gifts, but depending on the value of the home, could be tax implications for you or them.
Might not want to do this but establish a trust that you control then. Depending on a bunch of factors you’ll have some type of tax implication.
You generally have to live in the house for a certain period of time to be exempt from paying taxes after it is so called gifted. Some states dont have a gift tax.
Its a bitch though, uncle sam has it all rigged for him. Oh, you give it to your kids they are going to get taxed. If you dont, they will get taxed on the inheritance. American government is one big extortion bs ponzi scheme.
Seems lie you’d want to know why they are doing this
Agreed. This is likely not a good idea. Talk to an attorney and a financial planner or at least a CPA, stat.
Taxable event for you
No inherent fraud risk
Best advice: have property placed in trust
Thanks everyone will see someone about this beforehand!