Buying property for disabled daughter

[davew128]

But - you were the one dealing in absolutes. The posters disability status absolutely could impact the tax liability

Suggest you review the rules for claiming a disabled adult as a dependent. I'll let you point out what the most common factor for denial of that dependency is.

Oh really. Publication 590 outlines several, and at least 2 that may apply to the poster.

I know what the exceptions are. There is only ONE possibility of exception and its based on your assumption of facts not in evidence and even then its no guarantee.

The father is giving more in one year than the gifting exemption? You don't know that.

You mean besides the part about buying a condo for her?

Besides, the poster was not asking what forms to file.

Clearly irrelevant. Why would she possibly want to know what forms to use.

As to your last point - case studies of disabled homeowners point to those who have successfully made such arguments. It's not impossible.

Did you miss the part about additional cost exceeding the increase in FMV? They must also be reasonable expenditures.

 

[tilliepoo]

Hey guys, thanks for all the responses...

Im not dependent on my dad, SSDI and LTD insurance help with that.Im moving because i cant do the stairs in my townhouse anymore, and my dad found a ranch condo for $80,000..also closer to my parents that help take care of me.

I understand somewhat about the tax penalities, but isnt he also going to
have this money as taxable income as well?

He also has not given any other monies to me.

tilliepoo

 

[LdiJ]

Hey guys, thanks for all the responses...

Im not dependent on my dad, SSDI and LTD insurance help with that.Im moving because i cant do the stairs in my townhouse anymore, and my dad found a ranch condo for $80,000..also closer to my parents that help take care of me.

I understand somewhat about the tax penalities, but isnt he also going to
have this money as taxable income as well?

He also has not given any other monies to me.

tilliepoo

Yes, its going to be taxable income as well. In fact, he is going to have a quite high tax bite if he is planning on paying cash for the condo.