Transfer parent's house to child

[borreman]

What is the name of your state (only U.S. law)? NV

My parents are foreign nationals from Europe and they want to purchase a home here in NV with no mortgage (cash offer).

I will mostly be the one living in the house while they visit a couple times a year.

What would be the procedure for them to transfer the property over to me when they decide to do so? Would this be considered an inheritance and would I or would they have to pay any inheritance tax?

Thank you for your help!

 

[ecmst12]

It's only an inheritance if they die. Otherwise it's a gift and may be subject to gift tax.

 

[borreman]

Is there any way around a gift tax? What is the tax amount in NV? How is the transfer of preperty to be done?