QUESTION

What are the tax consequences if son gives his share of tenancy in common on vacation home to his mom?

Asked on Apr 15th, 2014 on Taxation - Michigan
More details to this question:
Mom and son are on title to tenancy in common on vacation home. Son wants to give his share to his mom so when they sell, she can use the proceeds for her retirement.
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1 ANSWER

Appellate Attorney serving Grosse Pointe Farms, MI at Musilli Brennan Associates, PLLC
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There is a potential gift tax issue, depending on the basis. It would suggest there are other alternatives which might be better for any number of reasons, including medicare/medicaid issues and recapture. Sometimes the easy way is not the best, or least expensive, in the long run. Seek counsel.
Answered on Apr 15th, 2014 at 1:02 PM

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