Frank Degen
Frank Degen
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A lot of parents are very reluctant to share their financial history. They might have a wonderful relationship with their children emotionally, but when it comes to finances, not too many are always ready to talk about that.
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The new rule is much more friendly to taxpayers. Only sales of more than $500,000 for married couples and $250,000 for single people have to be reported. So you don't need to keep records unless you think you home may sell for more than that amount.
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There's no easy answer here. It's not like you can say (that) when the parent turns 72 they should automatically turn their finances over to their children.
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Always file your tax return on time, even if you don't have the money. The biggest penalty is late filing.
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You can be looking at 25 percent of the tax that is owed, plus all the interest. If you don't pay then the IRS can take some pretty Draconian measures.