Transfer or gift money what is the best tax way?
My sister is in a self-pay nursing home. They do not take Medicaid. I made the commitment to split this year with her daughter. It’ll be about 25,000 apiece. What is the best tax way to go?Thank you for your help. I enjoy listening to you on WGN.
Terry Says
Pay the bills directly to the nursing home. If you contribute more than half of her support, you may be able to declare her a dependent on your tax return! Ask your accountant, and then check on what other income she has, or support she receives.
