Q: my father quit claimed his home to me in Nov. 2019. We are trying to sell the home, due to he lives with me now. can i
quit claim it back to him? Would this avoid capital gain at sale? he has lived there for 30 years and out for 3 months
You can. As long as it was his primary residence for 2 of the last 5 years the first $250k of gain will be excluded.
You still have a gift to you then a gift back, then a sale with a lump sum of cash. So your going to need to look at gift tax returns, likely no tax owed, and potential issues with SSI/SSD or Medicare/caid. This could have unentended consequences.
It's probably worth paying a local attorney for an hour's time to go over the entire situation and make sure the transfer back doesn't make things worse.
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