My elderly parents will be moving in with us and are giving us $100,000 toward a down payment on a new home. We intend to put them on the title since they will be living with us and it's not a gift. Is that all I need to do to avoid any tax implications?
Your parents can be co-owners of the house and the $100,000 won’t be considered a gift, especially if the house becomes their personal residence.
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Answered by: Scott Rubinsky, CPA, is a sole practitioner in Huntingdon Valley, Pa.