Q: What is the best way to assume the deed from a family members house when they move out. Gift or buy?
My son is planning to assume the deed of his grandmother’s house which is paid for. The plan was to have them gift the house for $30,000 to my son or buy it for that amount. How would these options affect my son’s income taxes at the end of the year. The property is valued at $290,000. Would my son pay taxes on the full value of house or not? What’s the best approach without impacting him finically?
A: An online Q & A forum like this one is not the place for advice about the disposition of a $290,000 asset. Find a lawyer versed in tax law or an accountant you trust.
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