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Article: LEAVE HOUSE IN YOUR NAME.(MONEYWISE)
- Article from:
- The Cincinnati Post (Cincinnati, OH)
- Article date:
- February 13, 1996
CopyrightCOPYRIGHT 1996 The Cincinnati Post. All rights reserved. Reproduced with the permission of Dialog LLC by Gale Group. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Bruce Williams
DEAR BRUCE: I am a widow and I own my own home, which is worth about $100,000. I wanted to give it to my son and daughter upon my passing, but now I'm thinking about selling it since I am unable to care for it.
I am considering buying a condominium in their name after selling my house. How would this affect them taxwise? I would like to make sure they pay as little tax as possible. What should we do? - L.J., Knoxville, Tenn.
DEAR L.J.: Not to worry. There is no tax due in this deal, assuming that you and your husband lived in your home for the last three of five years. If this is indeed the case, there will be absolutely ...