Have a mom/dad deeded the house to dtrs. The mom/dad still live there and I guess I have to do a gift tax - 709 to show the basis. But they have a sister that lives with mom/dad who pays rent to them - so is mom/dad claiming this now or is it another gift. The are classifing as rent cause it is money to help live, buy grociers, and whatever - so do the new drts show it as rental property - 3 different ways. Wow.they have me confused.
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Wow. What were they thinking? What is this arrangement supposed to accomplish? They could have deeded the house to the daughters and retained a life estate which would have benefited everyone tax-wise if the house is not sold until after their deaths. How many daughters own the house now? Who is paying rent to whom?
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