From an income tax perspective this could be a big mistake. You would take a carryover basis if gifted during lifetime versus a date of death value step up in basis if it goes through his estate. If he bought this house a long time ago (he is 92) then the gain and the taxes could be huge. Get with an elder law or estates attorney immediately and before you do something you may later regret.
Not sure what your claim is based on the facts you present. Anway you need to meet with an estate litigation attorney in your area to go over the facts and to see if you have any statute of limitation problems at this point. Anything less than this meeting is a waste of time.
For an article on doing what you are contemplating and how the IRS is policing this area please read IRS Checking Real Estate Transfers For Unreported Gifts at the following link: http://www.sjfpc.com/IRS_Auditing_Real_Estate_Gifts_Tax_Rules_Returns_Form_709.html. Be sure to hit the like button at the end of this article if you found it helpful.
Hope this helps.
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Mr. Fromm is licensed to practice law throughout the state of PA with offices in Philadelphia and Montgomery Counties. He is authorized to handle IRS matters throughout the United States. His phone number is 215-735-2336 or his email address is
[email protected] , his website for more tax, estate and business articles is www.sjfpc.com.
