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Can a parent with state, local & property taxes in excess of…

Can a parent with state...
Can a parent with state, local & property taxes in excess of 20k transfer his primary residence to his son for 1.00 in 2018 so the son can then itemize & benefit from the 8,600 of annual property taxes on the home?
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Answered in 36 minutes by:
12/25/2017
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,843
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

The standard deduction for 2018 will increase to $12,000 for single taxpayers and $24,000 for married filing jointly taxpayers.

Transferring title to the son of the primary residence would only be one piece of what needs to be accomplished. In order to itemize, the son would have to actually pay the annual property taxes in order to itemize the $8,600, which is less than the $12,000 standard deduction.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 4,843
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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