Dad died what to do about the house?. thanks

[zoloft1]

WV. My dad just died, and My mom wants to put the house in my name, she is in good health. should she will the house to me or just put it in my name now?. What kind of taxes etc...if it is willed to me or put in my name as a gift now would I or will I have to Pay., thanks

 

[loku]

Gift of house

Assuming your mother now owns the house, there is probably no reason why she should not now deed the house to you as a gift.

There is no income tax on the donor or donee of a gift. Also, there is a lifetime exemption of $675,000 from gift and estate tax, so there would be no gift tax after the application of the exemption (if the value of the house is less than $675,000).

 

[zoloft1]

thanks, the house is hers but she does still owe on it. does that make a difference?. We are trying to do what is right, and not spend alot of money on taxes. again thanks