I'm looking to buy a home that will be paid for predominantly by funds from my single mother, roughly around a $150k "donation" that she isn't looking to have paid back. It's simply a gift of sorts, and neither of us are looking to give any of that money to Uncle Sam through the gift tax.
Also, we're not looking to apply any of this "gift" towards the $1,000,000 lifetime exclusion limit against her estate, because should I outlive her, her estate will go to me and may likely be worth more than the 1 million, so cutting into that limit now is not an option either.
My question is: What's the best way she could basically buy me the house, put it solely in my name and avoid paying huge amounts of taxes on it whether now or in the future when I sell the house?
I truly thank you for any guidance you can offer.
2007-08-10
14:46:55
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3 answers
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asked by
jimbob
2
in
United States