Posted by Kim on April 23, 1999 at 09:57:50:
I would like to know if there is anyone that can help me out with a question regarding a quick deed to me .
im having a condo Quick deeded to me from my parents. They will continue to live in it and pay the small mortgage left on the property to me .
One parent has a respitory ailment and the other one does work , but only part time .The combined houshold income is aprox.25k per year with S.S.
Will there be any implications that anyone can see with health care or S.S,. benefits that they would encounter by not actually owning the property ?
Will they fall into a totaly different tax structure that would hurt them ?
I live in CT and Im also interested in how the capital gains tax might effect me for a tranasation like this .
Thanks so much for any input.
Kkimmer 2aol.com