Mom gifted residence to kids, retaining a life estate.
Now she wants to move in with one kid, selling home.
There is about a $10,000 gain on the sale.
If mom reports, no tax, as it is less that $250,000.
If kids report, maximum tax of 15% on the gain.
Who reports?
Now she wants to move in with one kid, selling home.
There is about a $10,000 gain on the sale.
If mom reports, no tax, as it is less that $250,000.
If kids report, maximum tax of 15% on the gain.
Who reports?
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