Hi,Thanks again for the info. I attach 41406 for you to read, but I am not sure it will help.The Motley Fool Discussion BoardsSubject: Re: Taxable home sale?Date: 11/1/2000 12:38:56 PMNumber: 41406Author: JAFO31URL: http://boards.fool.com/Message.asp?mid=13606759HatchetJack: "While title changes of realty are generally completedgifts, if the donor retains a life estate by continuing to occupy theproperty rent-free for example, the full value would be taxed as of thedate of death."Assuming that the donor retains an interest in the property, the donor maynot need to keep a life estate in order to be allowed to occupy theproperty (or to avoid paying rent to the other co-owners). The last timeI looked for Texas, each co-owner is permitted to occupy the property (butnot exclude the other co-owners) and need not pay any rent or otherwiseaccount for any implied rent because co-ownership carries with it theright to occupy the property. All of my discussion presumes that theco-owners do not have some kind of agreement among owners."Keep in mind the general fallacy of gifting low basis property in laterlife, especially ones covered by income tax exemptions on sale such asyour principal residence."Agreed.Regards, JAFO
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