My mom owes a rental house that is up for sale. Should she give it to me or sell the house, what IRS guideline

Answer 1

There is a monitary limit that someone can give another person without it being taxable. This year it is $12000. A gift of a house might fall into that category, although it may be different for real estate. Check the government website for more specifics.

Answer 2

Where is the profit for your mother if she gives you the house. She has, over the years, made mortgage payments, put up with crap from tenants, repaired or had repaired damage done by tenants that did not appreciate the fact that she allowed them to live in her place.

Did you really mean give or sell it to you.

In answer to your question, NO your mother should not give the house to you.

If you want the house put up the cash it is for sale. I am sure that if you made the right offer she would accept it.

Your mother might have been using the house as a retirement vehicle and now is the time for her to cash it in and
get paid.

I know that you would not begrudge your mother of her retirement so she can continue to live the lifestyle she is accustom to.

You should take an example from your mother and start your own vehicles for whatever you desire from it.

I hope this has been of some use to you, good luck.


"FIGHT ON"

Answer 3

Rent-To-Own Homes - http://RentToOwnHome.uzaev.com/?HgRy