Welcome to Tips and Tricks for Today and Tomorrow, hosted by Brian Henrysen Jr., CFP®.

Today, we’re tackling a question we have been hearing more often:

👉 Should parents gift their home to their children while they’re still living in it—or hold onto it long term?

It’s a generous idea, but it can come with serious tax consequences if not carefully planned.

In this episode, Brian covers:

Cost Basis Basics: Why inheriting the original purchase price can lead to big tax bills.

🔑 Real Example: A $250,000 home bought in 2000 now worth $1 million—and the tax differences between gifting vs. selling.

🔑 IRS Section 121 Exclusion: How a married couple can exclude up to $500,000 of gain when selling a primary residence.

🔑 The Step-Up in Basis Advantage: Why waiting until inheritance could save your family  ...