B
beauregard
Guest
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.
Thanks so much!!
Liza
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.
Thanks so much!!
Liza