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Old 07-23-2003, 11:12 AM
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Join Date: Jan 2002
Location: Little Rock, AR
Posts: 13

Mortgage Assumption, Title TX, & Taxes

What is the name of your state? Arkansas

My son and I live in a house owned by my late husband's parents. We have lived here for 5 years and until my husband died 20 months ago, we paid the house payments. When my husband died his parents started making the payments to help us out. Now they are going to deed the house to me, I will assume the mortgage, and make the house payments.

What will the tax liabilities be for myself and/or my in-laws when the transfer is made? Will they or I be charged a gift tax or something else?
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Old 07-23-2003, 11:44 AM
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Join Date: Aug 2002
Location: Washington
Posts: 3,484
They won't be charged a gift tax, but if the equity in the house is more than $22,000, they will need to file a gift tax return. This will reduce the amount of their estate that passes tax free when they die, but will not cost them cash right now.
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Old 07-23-2003, 11:50 AM
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Location: Little Rock, AR
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Thank you abezon.
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