Posted on: 25th Jan, 2010 05:54 am
I have lived in my mothers house for the last 30 years(she doesn't live there). The house is free and clear no mortgages, liens, etc. We are in the Adirondack region of NY. I pay the property taxes and maintain it. She now wants me to purchase the house prior to her being deceased as her will would have the house split between myself and my siblings. It is assessed for 83,000.00 (market value is listed at $103000.) I would like to offer her $ 65,000 for it (assessed value less what would be my "inherited portion"). If the purchase was done using a gift of equity program would there be any taxes or fees involved on her end?
Hi macarrots,
Your mother will liable for gift taxes if she transfers the property to you as a gift. However, there is a gift tax exemption as well. To know more about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114
Your mother will liable for gift taxes if she transfers the property to you as a gift. However, there is a gift tax exemption as well. To know more about it, check out the given page:
http://www.mortgagefit.com/gift.html#111114