I am a New York Syate resident. We own our home. We want to turn our home over to our children...we are senior citizens. My question: we curently get a school tax break (STAR). When we turn our home over to them, will my wife and I still qualify for thi tax break.
Asked on 8/20/12, 11:24 am
1 Answer from Attorneys
Walter LeVine
Walter D. LeVine, Esq.
If you no longer own the house, you are no longer eligible for the senior tax break. You should check if the tax break would still be effective if you put your children on the Deed and reserved to yourselves a life estate, allowing you to reside there for the rest of your lifetime. Of course, this may also require you to continue to pay bills. I suggest a NY real estate attorney be hired to assist you.
Answered on 8/20/12, 12:52 pm
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