Originally posted by: PokerGuy
Originally posted by: BuMMiE
So the current situation is that the house that I'm living in is currently under my both my father and mother's name. My father wants to remove his name and add my name to the house. So that would give me and my mom joint ownership of the house. Is there any way to go about this without having to pay taxes (on a gift or sale)?
PokerGuy : How would I legally avoid paying taxes on the gift?
Edit: added topic summary
Just to make sure I understand your question, is there a mortgage on the house with your parents listed on the mortgage, or is the house paid for with the two of their names on the deed?
If their names are on the mortage, you won't be able to just add/remove names, you have to refinance the house and create a new mortgage with your name (and your moms name) on it.
As far as the deed goes, your dad can deed his portion of the equity in the house over to you, but that would be considered a gift. You would not owe taxes on the gift, and unless the house is extremely expensive, your dad should be able to avoid gift taxes as well.....