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My dad signed over his house to me 6 yrs. ago when I moved in to care for him. Will I be hit with a tax?
when & how much?
Anonymous5 views2 answers
My husband & I moved in when family became concerned about his health 61/2 years ago. He signed over the house to us at that time, him having living rights. He continues to pay the house bills which have been transferred into my name, and we buy all groceries & house needs. He has been giving my siblings $1000. cash each month since then. Will my husband & I be taxed? If so, when & how much?
When your dad signed over the house to you that was a gift to you. Because it is a gift you should have no income tax consequences. Your dad have had an obligation to file a gift tax return, but it is unlikely that any tax would be due. Him giving your siblings cash should not affect your tax situation at all. Your dad may want to consult with an estate attorney about his situation to see if he has any gift tax reporting obligations.
In addition to what Mr. Souza said, depending on if you continue to occupy the house as your personal residence you may have a capital gain issue (income tax) when and if you sell this property later. I would also note that your father could potentially have nursing home/Medicaid transfer issues based on the transfer but the situation would have to be looked at more closely to determine this for sure.
