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What fees/taxes would my mother be liable for if I purchase her house from her using a gift of equity program?

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macarrots Joined: 25 Jan 2010 Posts: 2 1.72 Dollars($)	Posted: Mon Jan 25, 2010 6:59 am    Post subject: What fees/taxes would my mother be liable for if I purchase Like 0 Dislike 0 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?
Niicss Joined: 03 Oct 2005 Posts: 4770 Location: New Jersey 499.28 Dollars($)	Posted: Tue Jan 26, 2010 2:49 am    Post subject: Like 0 Dislike 0 Your query has been answered in the given page: http://www.mortgagefit.com/propertytransfer/about33733.html#146226 Please take a look at it. I hope it will help you. _________________ Good is the Enemy of Great.

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