The Motley Fool Discussion Boards
Financial Planning / Tax Strategies
|Subject: Re: Amateur legal opinions requested||Date: 6/22/2012 4:04 PM|
|Author: ptheland||Number: 116323 of 122051|
My sister-in-law took in my elderly father-in-law several years ago. Together they bought a modest house about two years ago. A year ago he took his name off the deed, so the house is now "hers."
Other facts: The house was bought mostly, but not exclusively with "his" money.
That transfer is a gift from father to daughter. I'm guessing that it exceeds the $13k limit for non-reportable gifts. If my guess is correct, a gift tax return is required.
... a question on the application is "In the last 60 months have you transferred significant assets to anyone?"
I would answer that question "yes".
Wait - you asked for an amateur legal opinion. That would require determining the definition of "significant assets". Depending on the definition of that term, you can then answer the question based on that definition.
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