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December 28, 2019
Question

Life Estate Acquisition

  • December 28, 2019
  • 1 reply
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I recently acquired (2019) Life Estate property from my significant other.  He is still living in the house and I am living in my own house (not living together).  As I compete my own taxes and as I complete his taxes in TurboTax, do I need to declare/document this in my or his taxes?  He will remain in his home until he passes.  The deed is now in my name.  I could use some advice.  Thanks.

 

 

    1 reply

    December 28, 2019

    A gift tax return may need to be filed....form 709.....and if you paid property taxes you can deduct them but other than that there aren't many federal tax consequences.