Re: [taxchat] Re: Parents Home

unfortunately, i dont read ahead beyond the thread im in, & this all came up under a diff thread, but want to annotate that in this case, i think janet said it was less than a year from transfer to sale, so i doubt if son deducted mortgage int (if there even was any) & taxes.  i would hope it would have been on the fathers return.
lynne


Donna J. Perrone wrote:



I've been following this thread today and you know what, I tend to agree with Arnie.  I have read Mel's case and used it to deduct mortgage interest and taxes for my clients, but the bottom line is, there was a transfer of ownership.  Even though the daughter had POA, was the sale of the home reported in the parent's name and the daughter used her POA to sign, or was it in the daughters?  It sounds like the daughter's name.

 

I've had several cases here in CT when a parent transferred their property to their kids, they were very surprised to get a bill from the St of Ct for gift tax on the property.

 

I don't have a solution to offer at the moment, but I have never heard of nominee-ing a sale of a home. I'm not sure you can even do that!

 

Donna J. Perrone, EA

East Haven, CT

203-469-4939

203-468-2038 fax