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Old 05-30-2009, 01:20 AM
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gift tax

What is the name of your state (only U.S. law)? California
If I sell my home in California that i have owned for 30 years and give the proceeds to my son in Nevada, what are the tax implications for he and I? I was told that you can gift up to a million dollars in a life time with no penalty.
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  #2  
Old 05-30-2009, 08:11 AM
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You have to file a gift tax return. You are right there is a FEDERAL aggregate lifetime credit for gift and estate taxes of a million (at least for now). Don't know about California law. Of course, you're subject to the capital gains on this. If this was your personal residence (for 24 of the past 60 months), you get an exclusion of $250,000 (per owner) on the gain.

If you are in the medicaid age (or will be in the next five years) this sort of thing may make you ineligible.
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Old 05-30-2009, 11:39 AM
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Definitely in the medicaid age! 75 yrs old.
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Old 05-30-2009, 12:50 PM
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Perhaps FlyingRon was thinking of MediCal (welfare/entitlement type) and not Medicaid (insurance based on paid in). What are the changes regarding gifts and Medicaid?
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Old 05-30-2009, 01:16 PM
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Tranq - MediCal is the California medicaid program. You are thinking of Medicare.
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Old 05-30-2009, 03:25 PM
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Does *medicare* have a lookback period?
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  #7  
Old 05-30-2009, 04:28 PM
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Quote:
Originally Posted by tranquility View Post
Does *medicare* have a lookback period?
Medicare is the insurance you get based on paid in credits. Medicaid or MediCal is what covers nursing home expenses and has the 5 year lookback.
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Old 05-30-2009, 04:30 PM
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Quote:
Originally Posted by tranquility View Post
Does *medicare* have a lookback period?
No. Medicare is not means-tested.

FlyingRon was OK. But the OP's response indicates that the OP did not understand what Ron said regarding gifting and possible medicaid disqualification.
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