Legal Question in Real Estate Law in Arizona
I bought a house for my mom, do I have to claim it on my tax return
Asked on 3/04/11, 6:27 am
1 Answer from Attorneys
Donald Scher
Donald T. Scher & Associates, P.C.
If you paid for the entire purchase of the house and title is in your Mom's name, then you have made a gift to your mom and a gift tax return and taxes may apply. If you bought a house for your mom to use, and the title is in your name, then it is unlikely that there would be any claim on your tax return. You should consult with experienced counsel and get advice how to best achieve your goals and still protect yourself and your own interests, while helping your mom.
Answered on 3/04/11, 9:35 am
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