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We live South Carolina, Greenville County. My 87 year old mother is moving here from another state. We want to buy a second home that she could use. What is the smartest, cheapest way to buy this home to reduce taxes?
We live South Carolina, Greenville County. My 87 year old mother is moving here from another state. We want to buy a second home that she could use. What is the smartest, cheapest way to buy this home to reduce taxes?
You are in Politics and Controversies.
Try posting this in the South Carolina Greenville County Forum........
Rent it out? Any home that is not lived in the majority of the year will qualify as non owner occupied. Belongs in "real estate" subforum (don't make another post they will likely move this one. ) Funny you should mention this location. Greenville SC has a plant there of the company I work at. I've often thought about checking that area out.
What taxes are you concerned about? Property taxes? If so, you likely already know the requirements for a homestead exemption (or other senior exemptions if applicable in SC). The house would likely need to be in your mother's name. There are ways to title it so that you would get title later on without the need to go through probate.
What taxes are you concerned about? Property taxes? If so, you likely already know the requirements for a homestead exemption (or other senior exemptions if applicable in SC). The house would likely need to be in your mother's name. There are ways to title it so that you would get title later on without the need to go through probate.
Yes, but if she ends up in a nursing home and needs Medicaid to pay for it, won't Medicaid go after the house that the son is paying for? Does the mom have long-term insurance or sufficient assets?
Yes, but if she ends up in a nursing home and needs Medicaid to pay for it, won't Medicaid go after the house that the son is paying for? Does the mom have long-term insurance or sufficient assets?
The OP's question was asked and answered. "What if" questions were not asked.
Yes, but if she ends up in a nursing home and needs Medicaid to pay for it, won't Medicaid go after the house that the son is paying for? Does the mom have long-term insurance or sufficient assets?
That's a good question to raise and why it's a good idea to get legal advice. To counter that possibility, though, I would consider taking back a mortgage for the full amount invested so that the mother has no equity in the property to lose. There are likely other ways to avoid that issue, too.
The OP's question was asked and answered. "What if" questions were not asked.
Actually, the question was not asked with clarity. Therefore, the question was not answered.
Just from the title, it appears OP was asking about property taxes and that was answered - sort of "you probably already know about homestead exemption" is a reply but doesn't answer the ambiguous question.
The issue of inheritance taxes was actually tangentially answered in JackMichigan's reply about ownership of the mortgage.
Still, until OP answers the question: what specific taxes/situation are you concerned about?
No one can give a comprehensive answer to the original question.
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) Funny you should mention this location. Greenville SC has a plant there of the company I work at. I've often thought about checking that area out.
