Q: I'm 72 I want to transfer my home to my son who will allow me to live rent free in it.Can I do this. Robert
My lawyer says because of my age my son must charge me rent,is this true
A:
Since you and your son are DIFFERENT people there are two ways to analyze this proposal:
1. If you deed your home over to your son free that might trigger a taxable event--against either or both of you.
2. If your son allows you to live there rent-free, that decision will trigger a taxable event too: against you.
3. If you pay your son some reasonable amount of rent to live in his home the IRS might look the other way.
4. Finally, if you will listen to the lawyer who is charging you attorney fees you will not need to come here and ask for free legal advice from strangers who do not know all the facts.
A: There's not really enough facts here to give any real analysis, but if you're not getting a valid explanation form your attorney then you may want to go find a new one who can explain exactly why rent would be required in this situation.
Justia Ask a Lawyer is a forum for consumers to get answers to basic legal questions. Any information sent through Justia Ask a Lawyer is not secure and is done so on a non-confidential basis only.
The use of this website to ask questions or receive answers does not create an attorney–client relationship between you and Justia, or between you and any attorney who receives your information or responds to your questions, nor is it intended to create such a relationship. Additionally, no responses on this forum constitute legal advice, which must be tailored to the specific circumstances of each case. You should not act upon information provided in Justia Ask a Lawyer without seeking professional counsel from an attorney admitted or authorized to practice in your jurisdiction. Justia assumes no responsibility to any person who relies on information contained on or received through this site and disclaims all liability in respect to such information.
Justia cannot guarantee that the information on this website (including any legal information provided by an attorney through this service) is accurate, complete, or up-to-date. While we intend to make every attempt to keep the information on this site current, the owners of and contributors to this site make no claims, promises or guarantees about the accuracy, completeness or adequacy of the information contained in or linked to from this site.
