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Old 09-03-2007, 01:25 AM
 
Location: Morganville, NJ
10 posts, read 41,651 times
Reputation: 20

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How much I will save if I put my house in my fathers name (65 years old)
I pay $11ooo anual in taxes
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Old 09-03-2007, 05:58 AM
 
9,124 posts, read 36,266,597 times
Reputation: 3629
How much will you save on what? Property taxes? Income tax? Why do you think that putting the house in your father's name will save you money on either?

Bob
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Old 09-03-2007, 05:59 AM
 
204 posts, read 772,031 times
Reputation: 108
If your father has a certain income-I believe it's $49K for married couples 65 and over-after 3 years of residency (must be his primary residence) the taxes would be frozen at that point. Full tax payments would have to made quarterly but a separate rebate check would be sent-this he must apply for annually and send copies of tax payments or have township clerk certify he paid. Also homeowner's rebate would be $1250.

You are walking a shaky, legal line tho.
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Old 09-03-2007, 11:58 PM
 
Location: Morganville, NJ
10 posts, read 41,651 times
Reputation: 20
I'm just planing

In the future 2-3 years from now... My father and mother will come in my house to live with me. My parents had worked here in NY10 years and hopefully they will start to have some pension.

I don't like to do things in the illegal way
and I don't see I'm doing anything wrong!
they will stay with me until the end of time
I just wane save, if it's possible?

If we talking here for few hundred dollars a year, nevermind the paperwork
but... if it's more than 3ooo$ a year, we will do it.
So one more time: I pay 11ooo$ annual in Taxes
how much my father will pay? ( minus the rebate )

ps: Bob it's all about taxes
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Old 09-04-2007, 05:54 AM
 
204 posts, read 772,031 times
Reputation: 108
If it's that far down the road-you know NJ and how your taxes will increase in 2 to 3 yrs-if the house is in their name it would be another 3 yrs. of permanent residency before they can apply for the freeze-if it's still in effect. The freeze is voted on annually by the great NJ legislature! So you are looking at 5 to 6 yrs. for the freeze. Usual Homestead rebate for seniors is $1250, Also think ahead of their health-if house is in their name(s) and they get ill and have to go into nursing home-say goodbye to your home. Why not just have them contribute towards the taxes before you open a can of worms?
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