For Caregivers

Question: As a condition of acceptance into this assisted-living community, my parents relinquished all ownership rights in their home to the community. Does this arrangement have any tax consequences?

Answer:

Yes, this transaction will be considered a sale of their home. The property was transferred for services. See Publication 523, Selling your Home, for additional information.

Category: IRS Procedures
Subcategory: For Caregivers

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The OMB number for this study is 1545-1432.
If you have any comments regarding this study, please write to:

IRS, Tax Products Coordinating Committee

SE:W:CAR:MP:T:T:SP

1111 Constitution Avenue NW

Washington, DC 20224

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