Parents gifted home to their daughters. Do they get senior tax exemption?
Parents still maintain and live in home and pay taxes.
Unfortunately, no, you don't. Only senior citizens who own the home get a senior tax exemption.
- 50 views
According to the Colorado State Requirements it is understood that...
"A property tax exemption is available to qualifying senior citizens and the surviving spouses of those who previously qualified. There are three basic requirements to qualify: 1) The qualifying senior must be at least 65 years old on January 1 of the year in which he or she applies; 2) The qualifying senior must be the property owner of record and must have been so for at least 10 consecutive years prior to January 1; and 3) The qualifying senior must occupy the property as his or her primary residence and must have done so for at least 10 consecutive years prior to January 1."
I would have to say no in this case. I would discuss this with your family or your parents CPA further.
- 146 views
You'd want to consult with a CPA regarding this question, but generally speaking if the house is no longer in your name, you cannot deduct the expenses for tax purposes. There are certain exceptions, like gifting the house but maintaining an irrevocable life estate.
- 144 views