Let's just make it easy and every cent we get, even the pennies under our car seats, just turn them over to the nearest gubmint office, then we'll all sit home and wait for them to dole out our welfare check.
Can anyone with a tax background tell me, if I put all my accounts and my house in both mine and my kids names, and I die will they escape this redistribution? Not that I have $3.5 mill, but someday I'd like to.
Regarding your house, probably not a good idea to put it in the kids name. Currently if you sell the house you can deduct $250,000 for one owner and $500,000 for two owners from any capital gains value tax you would owe the government. When you die, your children inherit the property at the value it is on the day you die. If it is under $3.5 or $7 million they will not owe capital gains if they sell it soon thereafter.
Can anyone with a tax background tell me, if I put all my accounts and my house in both mine and my kids names, and I die will they escape this redistribution? Not that I have $3.5 mill, but someday I’d like to.
If you own it or have “strings attached” to the property, it is still yours and subject to tax.
Can anyone with a tax background tell me, if I put all my accounts and my house in both mine and my kids names, and I die will they escape this redistribution? Not that I have $3.5 mill, but someday I’d like to.
If you own it or have “strings attached” to the property, it is still yours and subject to tax.
Can anyone with a tax background tell me, if I put all my accounts and my house in both mine and my kids names, and I die will they escape this redistribution? Not that I have $3.5 mill, but someday I’d like to.
If you own it or have “strings attached” to the property, it is still yours and subject to tax.