Tax Liens Sales

What are tax consequences to each of us if my 82 year old mother deeds her house and rental properties to me?

State of Oklahoma

Public Comments

1. She needs to sell each of the properties to you for $1.oo each. Check the law in your state and consult an attorney.
2. If she deed the property to you you will have been given a gift- the value of which may be the market value or the price she paid for it-Of course if she still owes ont he mortgage on the property she just can't give it to you as the bank has an ownership interest in the property. If you sell the property you will have to pay capital gains taxes on the proeprty with will be taxed on the sale price minus what she paid. If you recieve rental income pay tax on that. It would be best to cousult a tax adviosr to detemrien the best way to make the transfer.
3. if i were you look intot a life lease it is much better for tax purposes