Buying or Selling a Home/Gifted Money

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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?

Thanks,
Jason

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.

Dick Dennis
California Real Estate Broker
dixiedee13@gmail.com

Buying or Selling a Home

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Dick Dennis

Expertise

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.

Experience

Solving real estate problems for 37 years.

Organizations
National Association of Realtors

Publications
Publishes The Landed Gentry, guest writer in Who's Who in Creative Real Estate, First Tuesday, Financial Freedom and many newspapers

Education/Credentials
e-Pro Realtor, Certified Distressed Property Expert, Who's Who in Creative Real Estate

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