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09-30-2020, 06:36 PM
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Sage
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Join Date: Aug 2009
Location: NJ, NM, SC, PA, DC, MD, VA, NY, CA, ID and finally FL.
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Quote:
Originally Posted by retiredguy123
I think that is a good idea for a husband and wife. But, it is not a good idea for a parent and child for several reasons.
1. If the child is in debt, a creditor could put a lien on the house.
2. You would need the child's permission to sell the house.
3. The child may have to pay capital gains tax when they sell the house, because they will not receive a stepped up cost basis when you die.
4. If they move in, you can't legally throw them out.
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All true. 
__________________
"No one is more hated than he who speaks the truth." Plato
“To argue with a person who has renounced the use of reason is like administering medicine to the dead.” Thomas Paine
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The Following User Says Thank You to manaboutown For This Useful Post:
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