Selling Home to Child

[46rw2]

What is the name of your state? WI

My mother owns a home without a mortgage that she lives in. Can I buy it from her and then rent it to her to continue to live in? And can she then, subsequent to the sale, divest most of her assets to me including the home sale proceeds? I know she can do this, however will there be any problems later in qualifying for Title 19, other than the normal 36 month look back period? Her total estate does not exceed $700,000.

 

[seniorjudge]

What is the name of your state? WI

My mother owns a home without a mortgage that she lives in. Can I buy it from her and then rent it to her to continue to live in? And can she then, subsequent to the sale, divest most of her assets to me including the home sale proceeds? I know she can do this, however will there be any problems later in qualifying for Title 19, other than the normal 36 month look back period? Her total estate does not exceed $700,000.

You can do all this stuff, but no one here can tell you if the government will or will not try to get part or all of the proceeds.

What you really should do is talk to a tax CPA.