How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Mark Taylor Your Own Question
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 1008
Experience:  Certified Public Accountant
93680669
Type Your Tax Question Here...
Mark Taylor is online now
A new question is answered every 9 seconds

I bought my house January 15 2014. I put it in my 4

Customer Question

I bought my house January 15 2014. I put it in my 4 childerns name July of 2015 . Can I have the home reversed back to me, so I can sell and get something smaller. I am 71 years old and have lived In this house since I bought it in January 2014.
Submitted: 4 months ago.
Category: Tax
Expert:  Mark Taylor replied 4 months ago.

Hi my name is Mark. I will be happy to help you with your question.

Expert:  Mark Taylor replied 4 months ago.

So are your children's the only ones who are on the title?

Expert:  Mark Taylor replied 4 months ago.

How much did you buy the property for in 2014? How much do you think the property will sell for?

Expert:  Mark Taylor replied 4 months ago.

Did you make any improvements?

Customer: replied 4 months ago.
185,000 . I cut down trees to expand the yard , planted grass , some painting it looks very nice. The worth now would be $229,000
Expert:  Mark Taylor replied 4 months ago.

You would be able to pick up the cost of cutting down the trees, planting grass, and painting. This would add to your basis.

Expert:  Mark Taylor replied 4 months ago.

Were the deeds recorded?

Customer: replied 4 months ago.
Expert:  Mark Taylor replied 4 months ago.

I assume that these were quit claim deeds?

Customer: replied 4 months ago.
I am not sure
Expert:  Mark Taylor replied 4 months ago.

What will be your income for this year?

Customer: replied 4 months ago.
$15,000 to 16,000.
Expert:  Mark Taylor replied 4 months ago.

Is Social Security Income included in this amount?

Expert:  Mark Taylor replied 4 months ago.

The deeds could be reversed under limited situations involving a flaw in the title, fraud or duress. I am not sure if any of the situations apply. If the home is sold your children would have a short-term gain based on your difference between your cost basis (plus improvements) and the sale price of the home.

Expert:  Mark Taylor replied 4 months ago.

I hope you found this information to be beneficial. If this answered your question please take a few moments to rate my response. A rating is needed in order for me to receive credit for helping you today. The rating bar is located at the top of the page – ranging from 1 to 5 stars. If you need me to clarify aspect of my response or if there are additional areas of the question that you would like me to consider please let me know. I would be happy to continue the discussion. It has been my pleasure helping you today.

Expert:  Mark Taylor replied 4 months ago.

Please let me know if you have any other questions or need clarification. I am happy to help.

Customer: replied 4 months ago.

Why was I charged $5.00 four extra times. There is no money involved

Expert:  Mark Taylor replied 4 months ago.

I am not sure why you were charged these amounts. I do not have the ability to see what you were charged or correct it if it is wrong. I would suggest contacting customer service. They are usually very good at correcting these issues.

Related Tax Questions