parent giving house to child

[Coombs]

I live in Michigan. My parents are retiring and going to travel. Their house is free of any morgages and they would like to give the house to me. Is there any legal or tax laws that I should know about pertaining to transfering realestate to a relative?

Kim
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[HomeGuru]

Yes there is. Depending on the value of the property etc. a transfer could be subject to gift tax.
Post your question on the Tax Law board.