Legal Question in Real Estate Law in Pennsylvania
gift transfer of real estate
my mother owns rental property. can she transfer two of the properties to me as a gift, with no cash outlay from me and in turn i take out a loan on the properties and then ''pay'' her an amount that includes any gift tax penalties she may incur?
1 Answer from Attorneys
Re: gift transfer of real estate
Assuming there are no mortgages or liens against the property, your mother can transfer free and clear title to you. You may also borrow against it. However, I suggest you seek legal counsel as the basis of the property will be your mother's basis. If you inherit the property your basis will be the fair market value at the time of her death. Be careful. If I can be of any assistence please contact me. My number is 215-579-9390. My email address is [email protected]. The entire factual situation should be reviewed.
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