Nicole D. asked
My father, who is 98, made my sister and me joint tenants of his house, thinking it would be our inheritance. The house is now under a sale contract, and we want to avoid capital gains by giving all the proceeds to our father. He will then put the money in an account payable to us upon his death. Will the money we receive after his death be considered income or capital gains? Will it affect my Social Security and VA benefits?
November 18th, 2023
Maria B. answered
The money you receive after your father's death from the sale of the house will be considered a gift...
November 18th, 2023
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