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View Diary: So are the ACA "Subsidies" or are they LOANS!?! (166 comments)

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  •  If she put her house in your name (0+ / 0-)

    Isn't that a gift? And unless she did it a bit at a time over many years, there would be a gift tax owed.

    These things are not so simple.

    •  Unlikely (1+ / 0-)
      Recommended by:
      tommymet

      Unless it's an extraordinarily valuable house, it would be covered by the lifetime gift tax exclusion.

    •  No (1+ / 0-)
      Recommended by:
      tommymet

      If you actually look at the gift tax forms and instructions at irs.gov you will find that you can use part of the Estate exemption when gifting beyond the $13000 per year per individual. I believe the first $1.4 million of your estate is exempt - I forget what it was lowered to as it was $2.5 million before the changes made to it last year.

      That is, you can effectively distribute your estate in advance of your death with little or no tax liability. States generally have lower exemption amounts for state level Estate taxes but for many people the value of the home would fall under that amount.

      In addition you can gift any amount whatsoever with no tax liability to pay medical bills or for education and none of that goes against the $1.4 million exemption.

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