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

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childerns name July of 2015...
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: 1 year ago.Category: Tax
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8/4/2016
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago
Mark Taylor
Mark Taylor, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 2,338
Experience: Certified Public Accountant
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Hi my name is Mark. I will be happy to help you with your question.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Did you make any improvements?

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Customer reply replied 1 year 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
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Were the deeds recorded?

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

I assume that these were quit claim deeds?

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Customer reply replied 1 year ago
I am not sure
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

What will be your income for this year?

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Customer reply replied 1 year ago
$15,000 to 16,000.
Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

Is Social Security Income included in this amount?

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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.

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Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year ago

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

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Customer reply replied 1 year ago

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

Tax Professional: Mark Taylor, Certified Public Accountant (CPA) replied 1 year 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.

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