capital gain question

[mtheesen]

What is the name of your state?Maryland First time so please bare with me. My mother owns two homes in Maryland. She lives in her primary home and I live in her second home. My question is that the second home I live in is really mine I used my money and had my mom purchase it for me while i was in school some years ago. i now being married and had lived in my home for over 5 years and paid the mortgage the whole time I would like to put it in my name and out of my mothers name for she is retiring soon. but the problem is Capital gains and taxes my mom is concerned about. is there a way she can give me the house and take her name off the mortgage without any hidden tax or capital gains at the end of the year....since it has always really been my house Im not trying to buy it from her when I bought already in the first place. and if she sells it to me being her second home she will have to pay capital gains
Purchased house 5 years ago for 61,000 owe 108.000 If there is any help out there would most be grateful...........Thank You

 

[freespeech]

Usually the only way to get her name off the Mortgage is for you and your husband to refinance the home in your own names.

Whose name is on the deed?

Depending on the size of her estate and the home value she can give you the house by filing proper gift tax forms with the IRS.

You will still have to either qualify to take over her loan on the property or refinance it elsewhere and satisfy her loan. Her name can be removed from the deed but not the loan.

I am just curious, who has been taking the interest and tax deductions all this time?