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How to Shield Your Wallet From Your Parents' Woes - This is an interesting article on how to structure things for the best financial and tax advantages. It mentions a strategy that I have been using with clients for the past 25+ years; having the kids buy their parents' home and rent it back to them. Even now, with the replacement of the once in a lifetime exclusion for sellers over 55 with the $250,000 per person tax free gain for anyone, this technique still makes a lot of sense. It allows the kids to have a high cost basis on the home, claim deductions for depreciation and any other expenses paid for the home. It also allows a deduction for travel costs to go check on the property. There are also a lot of estate planning opportunities with the financing of the sale and annual gifting to reduce the balance of the carryback note.
- posted by Kerry M. Kerstetter, MBA~CPA~ATP~ATA @ 4/24/2003 12:55:00 PM Send this post:
