Living in home owned by parents

[KT2]

What is the name of your state? New York
I am currently living in a home owned by my parents who have lived in Fl . for the past 20 years. Since I will eventually become the owner of this home, I would like to know whether or not it would be advantageous for me to purchase it now or have my parents transfer the home over to my name prior to their passing?
The market value of the house is approximately between $250-$300M. P.S. I would like to take advantage of an equity line . The house is paid off in full.

 

[HomeGuru]

What is the name of your state? New York
I am currently living in a home owned by my parents who have lived in Fl . for the past 20 years. Since I will eventually become the owner of this home, I would like to know whether or not it would be advantageous for me to purchase it now or have my parents transfer the home over to my name prior to their passing?
The market value of the house is approximately between $250-$300M. P.S. I would like to take advantage of an equity line . The house is paid off in full.

**A: you need to have them transfer the property over to you now if you need to do home equity loan. Check with a real estate attorney and tax consultant.

 

[KT2]

Living in parents home

My question was really whether or not it would be advantageous for tax purposes to do the transfer now instead of inheriting.?

 

[HomeGuru]

Re: Living in parents home

My question was really whether or not it would be advantageous for tax purposes to do the transfer now instead of inheriting.?

**A: Oh, in that case, you should have posted on the Tax Law board. You never once mentioned a tax issue in your initial post. Reading posts like your is very taxing.