If I buy a home for my special needs sister to live in free of charge, is this a gift for taxation purposes since $0 is under fair market value?
I assume if it is considered a gift, since the amount given to her is just on the value as if it was a rental and not on: taxes, interest, and repairs. Is that right?
- In the US.
- I won't live there.
- I don't own a home of my own.
- She will not be on the deed.
- I will pay all of the taxes.
- She is not considered my dependent.