Ask a Lawyer and Get Answers to Your Legal Questions
Thanks, XXXXX XXXXX advisor mentioned gift tax, and my dad didn't pay any when he did it. I saw an article today stating that $33,000 was the trigger amount. Original sale was $54k, current value around $200k. I was uneasy when he did it and I am happy to give it back. A general counsel lawyer had advised him to do it in order to preserve it from Medicaid foreclosure, but there is no way he can get by the length of time needed (another four years) without depleting the equity. I was fearful that both he and I would have to pay gift taxes for a zero sum move, possibly at the stepped up value! I couldn't get a clear answer to confirm whether my finance guy or the lawyer was right until you responded. Thanks so much.