Quit Deed/Estate/Taxes

What is the name of your state? Pennsylvania

My father would like to quitdeed me his home so that I could obtain an equity loan which would allow me to do upgrades to the house. Also it would eliminate the inheritance tax.
My question is as follows- should he quitdeed the home to me, or sell the home to me for a small sum? How will this affect my tax situation? The house is worth $150k right now--- please give me any imput or advice that you have. It is appreciated.

Thank You
Liza

[HomeGuru]

Originally posted by beauregard
What is the name of your state? Pennsylvania

My father would like to quitdeed me his home so that I could obtain an equity loan which would allow me to do upgrades to the house. Also it would eliminate the inheritance tax.
My question is as follows- should he quitdeed the home to me, or sell the home to me for a small sum? How will this affect my tax situation? The house is worth $150k right now--- please give me any imput or advice that you have. It is appreciated.

Thank You
Liza

**A: please post your questions on the Tax Law board.