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Author: nwvic Two stars, 250 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 120812  
Subject: Re: Gift of a house Date: 9/26/2011 7:17 PM
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I did everything I could think to give her a hand up. A house and furniture to fill it. All paid for. Money in the bank to give her a small cushion. She managed to p|ss away all of it. I guess she still has the house and the furniture though I wouldn't bet my life on it. Since I gave her the house, I haven't heard a word. Not even a "thanks mom - thanks for the house."

The good news is that giving it to her now doesn't hurt you, just her. If she inherited the house, her basis in it would be its value on the date of your demise. As a gift, her basis is the same as yours, likely quite a bit lower. This means that she may owe more in capital gains tax if she sells the house. But practically, unless your estate is large and the value of the house quite high, it won't make much of a difference.

If you did the best that you could you should sleep well.

Foolish regards,

Vic
ancora imparo
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