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Updated over 6 years ago on . Most recent reply presented by

Harley Fowler's profile image
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Harley Fowler
  • Contractor
  • from Louisville, KY
  • Member since Sep 24, 2018
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Harley Fowler's profile image
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Harley Fowler
  • Contractor
  • from Louisville, KY
  • Member since Sep 24, 2018
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Harley Fowler
  • Contractor
  • Louisville, KY
4
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8
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Tax, SDIRAs & Cost Segregation

My parents are gifting me their house. Any suggestions on this?

Harley Fowler
  • Contractor
  • Louisville, KY
Posted
My parents are gifting me their house. Any suggestions on the best way to do that?
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Paul Allen's profile image
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Paul Allen
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  • from Virginia Beach, VA
  • Member since Feb 23, 2017
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Paul Allen
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  • from Virginia Beach, VA
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Paul Allen
  • Financial Advisor
  • Virginia Beach, VA
Replied

The single largest tax mistakes I see are parents gifting their child the house. They just gifted the child a large tax bill that could easily be avoided.

I highly recommend you seek professional tax advice for your specific situation before you do this.

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