What is the name of your state? I live in New York
My parents are currently going through a separation. They own a house together with both of their names on the deed and the mortgages. They currently have $150,000 total remaining on their mortgage and equity loan. I would like to transfer the deed from my mother and my father to my father and myself, I would also like to refinance the house for $300,000 and give my mother $75,000 as payment for her part of the house. What are the tax implications for my mother and my self?
My parents are currently going through a separation. They own a house together with both of their names on the deed and the mortgages. They currently have $150,000 total remaining on their mortgage and equity loan. I would like to transfer the deed from my mother and my father to my father and myself, I would also like to refinance the house for $300,000 and give my mother $75,000 as payment for her part of the house. What are the tax implications for my mother and my self?