Legal Question in Real Estate Law in Maryland

Re: adding your name to a deed

Yes, tax-wise. If your mother gifts half the house to you, a gift tax will be imposed on the transaction, although your mother could use her lifetime gift/estate tax credit to offset this. However, your basis in your acquired half would be the same as hers from when she first acquired the property, plus any improvements. So when you eventually sold the house, your capital gain would be considerable, assuming there has been significant appreciation in the house's value since she acquired it. You would be better off buying half (she could finance it if you don't have the cash now).

Re: adding your name to a deed

"We want to add my name to the deed," which means that you want become a co-owner of the property with your mother, apparently for a time until you can purchase it from her outright. Whether your mother gives or sells you this ownership interest, there will be tax consequences and filing fees. You will also want a sales contract which makes the financial aspect of this transaction clear to both of you (now and in the future).