950: Friday Q&A: Reduce Taxes in Retirement, Transfer Money Abroad, Alternatives to USA, Rip-offs, etc!
Radical Personal Finance
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The Importance of Being Careful With Your Brother
If your dad signs over the house to his son, his son inherits a $48,000 of taxable income upon which he owes taxes. Your son would have to wind up owing a tax bill of $15,000 that he otherwise wouldn't owe if he would do something smarter. So, what could be done? Dad can sell the house and then get $60,000 for it.Dad will get the money tax-free because he's lived in the house. And then dad can give the son $ 60,000 and he can go. Or dad can will the house to the son when he passes away. If you're doing really smart stuff, I think, as a
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