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What if any taxes would my mother be liable for?

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macarrots Joined: 25 Jan 2010 Posts: 2 1.72 Dollars($)	Posted: Mon Jan 25, 2010 6:54 am    Post subject: What if any taxes would my mother be liable for? 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?
adonis Joined: 22 Oct 2005 Posts: 10250 Location: ALASKA 1043.57 Dollars($)	Posted: Tue Jan 26, 2010 12:19 am    Post subject: Like 0 Dislike 0 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 _________________ Procrastination is the enemy of your financial success

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