"No Spam Please" <q1m7ot001[at]sneakemail.com> wrote:

- quote -

The sale of home rules and/or gift tax rules apply depending
on what you do.

- quote -

Yes, wait until she dies so you can inherit the home with a
higher cost basis. If that isn't a solution you like, then
you should consult a local professional to get into more
elaborate planning.

--
David M. Woods, EA, ChFC, CLU
Woods Financial Services
Norwood, MA 02062
www.woods-financial.com

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q1m7ot001[at]sneakemail.com (No Spam Please) wrote:

- quote -

It may not be the smartest move, depending on what you're
trying to accomplish. Look at the personal residence sale
exclusion being lost for her and stepped up value at death
issues loss for you. It seems like it would take a very
unlikely valuation set of numbers to make this a good move.

BC

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q1m7ot001[at]sneakemail.com (No Spam Please) wrote:

- quote -

It may not be the smartest move, depending on what you're
trying to accomplish. Look at the personal residence sale
exclusion being lost for her and stepped up value at death
issues loss for you. It seems like it would take a very
unlikely valuation set of numbers to make this a good move.

BC

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- quote -

If you are to inherit the property, it is likely the
property best remain in your mother's name.

The issue should be discussed with a tax
professional/attorney BEFORE completing the act. Depending
on circumstances, in your (mother's) particular case, the
response could vary. Consider, also, that there is no
exclusion of gain on the sale of a personal residence
between related parties.

"Jack" - John H. Fisher - TaxService[at]aol.com
Philadelphia, Pa - Atlantic City, NJ - West Wildwood, NJ
My Newsgroups & Boards at: http://members.aol.com/TaxService/index.html

Where Ignorance is bliss, 'tis folly to be wise!=

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q1m7ot001[at]sneakemail.com (No Spam Please) writes:

- quote -

Why? This would only muck things up. You can provide for
your mother in your will should you predecease her.

Phil Marti
Topeka, KS

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I am planning on purchasing my mothers town house as an
investment.

My mother would live in the townhouse until she dies, rent
free.

I was thinking of having mine and my mothers name on the
Title as co-owners. What are the tax ramifications of My
plan ? Is there a better way to handle this transaction ? I
live in MN.

Thanks

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