Without commenting on the tax aspect just now-----have you consulted an elder care attorney regarding the gifting of the house for "medicaid/nursing home purposes?" Are you aware of the five year clawback (Medicaid Estate Recovery) for assets gifted to people when the elderly/ill person goes on Medicaid? If you have not received legal advice, you need it right now.
**Disclaimer: Every effort has been made to offer the most correct information possible. The poster disclaims any legal responsibility for the accuracy of the information that is contained in this post.**
