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| *Loan,banking and credit>>>child tax |
We have sold our home and given the money to our children, moving in with them. How do we handle /taxes? |
the home is not in our name. You may have to pay Gift Tax on the money that you gave them if either of you gave any of them more than $12,000 each in any tax year. You can use your lifetime exclusion to avoid tax on gifts over $12,000, but that will reduce your estate tax exclusion by the same amount. If your estate is substantial, that could have estate tax consequences when you pass on. There are no tax implications for you due to your living in their home. I think you made a big mistake.... Very few people can happily live with their kids. The kids have their lives and will resent your interference in it, and You WILL interfere even though you will try not to. If things don't work out...Where do you go, your asset is gone,?? When you cannot look after yourself, who pays for the old age home?? Do you think it will be the kids ??? Good luck with that. Your home is your back-up in life, you shouldn't have done what you did, even though it was to help them out, you really didn't think it through. |
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