Tax on Transfer

[TeriKat]

What is the name of your state? California. I entered this under Wills and Trusts and they referred me back here. If my mohter wants to transfer ownership of a home to me, how would we do this with the least amount of tax owed by me?

 

[abezon]

See an estate planner about whether a gift or living trust is better. You pay no taxes when the house is gifted to you, but you pay big capital gains when you eventually sell it. With a trust, you get a basis step up when mom dies & this saves you lots of capital gains taxes.