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Hello and thanks for trusting me to help you today. I am a tax adviser with over 15 years of experience.
The child would then own part the home (and you are correct their basis would be the same as parents).
ok....and they would pick up the cap gains at their rate.....
The CGT on sale would be based on holding period so if long term they may see a lower rate then parent
Putting them on the deed would be a gift event
Would I have to file a gift tax return? What if we just put the on the deed
Form 709 would be needed if their portion was more than $14,000
But it is feasable....
Yes, it is feasible
Would I have to file if they just went on the deed?
if the FMV is more then $14,000
then the 709 is required
it does not matter who he would gift it to.
of course the lifetime would most likely protect from actual tax
Correct, if you mean about the gift tax filing
yes..if it does not change
Gift is a gift
yup...that is what I thought.........thanks
You are most welcome