InstantForum.NET v4.1.4California Society of CPAshttp://forums.calcpa.org/forums@calcpa.orgMon, 21 May 2012 03:53:03 GMT20http://forums.calcpa.org/Topic924-2-1.aspxWhich type of attorney you are seeking for, please be specific.Wed, 25 Jan 2012 02:11:41 GMTAmiJameshttp://forums.calcpa.org/Topic924-2-1.aspxThe attorney is the one that did this without considering the tax implications. I am just trying to understand the tax implications. The mother put the daughter on the deed of the house the daughter is renting from mother. (forget about the other stuff about the other property)</P><P>The question the clients have is, should the daughter keep paying rent to the<BR>mother?<BR>The question I have is what is the basis for the mother and the daughter, both<BR>now and after the mother dies? Would the daughters basis be 1/2 of the cost<BR>basis, and a gift tax filed on that amount, or would it be the FMV which is<BR>considerably higher?<BR>Thank you.<BR>Harlan Levinson, CPA<BR><BR>Mon, 19 Dec 2011 08:11:33 GMThlcpahttp://forums.calcpa.org/Topic924-2-1.aspxYes, I must say you need a attorney and for this you should call the lawyer for further help. He will surely help you in this regard.Mon, 19 Dec 2011 00:30:35 GMTStephenBryanthttp://forums.calcpa.org/Topic924-2-1.aspxThis thing is little complicated to understand can you explain it in general terms.Sun, 18 Dec 2011 22:54:28 GMTstephenthomashttp://forums.calcpa.org/Topic924-2-1.aspxI just found out the following: <BR>I just checked and it was titled as Joint Tenants.<BR>The grant deed says its a bonafide gift and the grantor recieved nothing in return. (there is an asterisk pointing to this)</P><P><BR>So, I am wondering if I should suggest rescinding the gift, or filing a gift tax return with the daughter getting the low basis. </P><P>If they continues to treat it as owned by Mother, even though daughter is on title, then can one say no gift was made?<BR><BR>Thanks. Harlan Levinson, CPA<BR>Fri, 16 Dec 2011 16:09:59 GMThlcpahttp://forums.calcpa.org/Topic924-2-1.aspxHarlan,<br><br>I'm not an attorney, and this situation needs an attorney. The right way to do what the parents want is to do is to create a trust, and say what they want to do, and also separate wills. My guess would be that simply putting the daughter on title MIGHT work to transfer title on death of the parents, but could be challenged for a number of reasons. Again, IANAA.<br><br>Bill Downs, CPA<br>Sherman Oaks, CAThu, 15 Dec 2011 12:06:02 GMTBill