My elderly parents want to sell us their house and then rent it back. Is this a good strategy?
August 26th, 2008 By Peter G. Miller
This gets us to a ghoulish discussion, but it is probably best for them to will the property to you — you would then receive the property at its stepped-up basis at their death. Alternatively, if you received the property as a gift, there might be gift taxes for them and significant capital gains taxes for you when you sell.
Please see an attorney who specializes in elder law for information regarding life estates, wills, and living wills as well as a tax professional.
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