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Posted by Dick Adams on April 14, 2008, 8:41 pm
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> 80 year old woman added a friend's name to trust for only a house 5
> years before house was sold. The quit claim deed showed the current
> principal at the time. Elderly woman out of house but alive. House
> was sold. How is this treated for taxes for the portion of friends
> interest in the home?
Is the friend on the deed to the house or just in a
trust for the value of the house?
Did the friend live in the house as a primary residence
for two of those five years?
With just the information you have provided, my guess
is the woman has made a gift which exceed the annual
maximum gift threshold - probably not a problem. And
the friend has a long-term capital gain.
Dick
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