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Originally Posted by afc wimbledon
Hard to see how a 500,000 house would make any difference to Paternos tax status one way or the other, especially as he's in his 80's.
My guess is his lawyer told him he was going to lose everything else so he is trying to protect something for his wife.
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Are you a U.S. Tax lawyer? I'm not, but I do know they have estate (read: death) taxes in the U.S. when someone dies. Joe Pa is pretty old, maybe he's trying to ensure his wife doesn't have to pay capital gains on the house upon his death as it could be deemed a disposition? Maybe by doing this between spouses, he avoids it.
There could be a number of legitimate reasons for this.