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    chocolatedelite's Avatar
    chocolatedelite Posts: 8, Reputation: 3
    New Member
    		  
    #1

    Jan 28, 2008, 11:26 AM
    In Laws
    My inlaws purchased a house and are moving out of state... They have offered us to move in the house they currently own in NY. Their ultimate plan is to give us the house.. They're not selling us the house, they want to change the deed to our names... The mortgage on the house will be paid up in about 2 years.. they're moving once the house has been paid... What is involved with a transaction of this level?
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Jan 28, 2008, 11:33 AM
    The real issue here is that they are, in effect gifting you the house. This gift would be subject to gift taxes. However, they can get around that, but gifting it to you over time. Since each of them can gift $10K tax free to each of you, they can gift $40K per yr (FIL gives you and spouse $10K each, MIL does the same).

    They can quit claim the deed to the you and you sign a promissory note for the value of the house. You can set it up with a balloon payment past where the gifting will have eaten up the amount of the note.
    chocolatedelite's Avatar
    chocolatedelite Posts: 8, Reputation: 3
    New Member
    		  
    #3

    Jan 28, 2008, 12:21 PM
    Quote Originally Posted by chocolatedelite
    My inlaws purchased a house and are moving out of state... They have offered us to move in the house they currently own in NY. Their ultimate plan is to give us the house.. They're not selling us the house, they want to change the deed to our names... The mortgage on the house will be paid up in about 2 years.. they're moving once the house has been paid... What is involved with a transaction of this level?
    Thanxs! ScottGem!
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