Question Hello Dick,
We have a friend who is an only child and bought a house for her parents and her parents gifted her money as a down payment (about $15,000-$20,000. The idea was to have the house and sell it as a nest egg for her parents. Since that time (about 6 years) her parents are getting older and need a one story house. If my friend sells the house can she regift the money back to them in their next purchase?
Answer Yes, Jason. However I recommend she consult with a real estate attorney or a certified public accountant to make sure the maneuver is executed correctly. When it is done professionally she will not have to worry that the IRS will be coming after her. I do wish you well.
California Real Estate Broker
Knowledgeability = 10
Clarity of Response = 10
Politeness = 10
Dick did a great job of answering quickly and thoroughly.
With more than 41 years as a real estate broker, I can solve most any problem presented. If I can`t, I do my research. Problems with mortgages, trust deeds, foreclosures, odd ways of conveying titles. Most any good Realtor can answer questions satisfactorily, but I answer questions that most cannot. Also, ask about my hard-copy newsletter, The Landed Gentry. It can also be sent to you via PDF.
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