He will owe taxes on the market value of the home.
Wonderful gift, I hope someone can help them pay the taxes on whatever the home is worth, The IRS is not nearly as generous.
Bounty land used to be granted to veterans in Revolutionary America.
An ancestor of mine was granted 6000 acres in Virginia for his service.
No reason we can’t have a similar system again. The Federal government is sitting on tons of dirt they could grant, and it sure as hell makes more sense then the U.S. putting illegals in subsidized housing.
To see "undocumented" parasites sending *my* tax money back to their Third World cesspools and,OTOH,wounded vets having to shake a tin cup to buy a wheelchair is despicable.
If he had won it on a game show, it would be taxable as income. But since it is a gift, then not taxable.
And a charity doesn’t have to pay gift tax for items it gives away.
So I think he’s okay.
Well, this is absolutely wonderful!
Bank of America will have to do a heck of a lot more of these to EVER get back into any kind of respect— having ripped off millions of other vets, and citizens with mortgage shenanigans and for acquiring Countrywide (thanks to Chris Dodd).
This will NOT get them off the hook. It is just a start.
An Army veteran and his family are settling into a home donated to them mortgage-free and renovated by Bank of America and the Military Warriors Support Foundation.
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This is a great idea. I salute the Bank of America and the kind people of North Carolina for doing so much to help the severely disabled veteran and his family. (I don't live in North Carolina.)
I hope that this act of kindness on the part of the Bank of America in helping disabled veterans spreads across America.
Imagine this: Each bank or credit union across America, big and small, helps one veteran in its community with a free house or with a reduced mortgage. It would make Americans, both veterans and non-veterans, even more proud to be Americans.
Those evil big banks at it again.
It’s about time our veterans are treated as good as a useless,sponging illegal. Great story!!
I personally know someone that’s getting screwed by BofA’s legal tactic of forcing foreclosure on homes which they cannot produce title.
Due respect to the veteran & family, this is 100% PR from BofA.
Do NOT credit them for it.
“... renovated by BOA”. In other words, foreclosed upon and acquired by evicting previous homeowner, then basic remodeling to hide the deferred maintenance (like mold). Likely it has a clouded title which won’t rear it’s ugly head until they are desperate to sell it to pay property taxes.
So BOA profits on the questionable loan to former owner, profits on foreclosure, profits on donation, and will likely profit when home is offered as security for HELOC.