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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1672
Experience:  Enrolled to Represent Taxpayers Before The IRS
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My father went into a nursing home in september. As I had been

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My father went into a nursing home in september. As I had been his livein caretaker for 5 years (with no Pay), Medicaid allowed me to transfer his home into my name to keep it in the family. This transaction occured in November '08. What am I required to do when filing taxes. I live in Oregon.

Hello and thanks you for using Just Answer. The transfer of the home to you would be a gift from your father to your. Your father would file a gift tax return, (Form 709, www.irs.gov/pub/irs-pdf/f709.pdf, ) if the home is worth over $12,000. Although tax is calculated on the return, no tax is due until your father exhausts the $1 million exclusion. You are not require to report the gift on your tax return. The transfer is nontaxable transfer to you. You basis in the home will be the same as your father and if you sell the home any amounts you receive over the basis will be tax at the long-term capital gain rate to you.

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Customer: replied 8 years ago.
Thank you so much for your help
Customer: replied 8 years ago.
Is that true for both Federal and State?

This apply to federal. Oregon does not have a gift tax on gift.

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