buying a condo from parents

V

vkronus

Guest
Greetings,

I currently live in a condo that is owned by my parents. It is in Virginia. They purchased it in 1996 for $50k and I moved in at that time (they own and live in a different residence). Since then the mortgage has been paid off. The condo is currently valued at $350k.

We now want to transfer ownership from them to me. In order to limit our tax costs, what are our options to do so?

Thanks.
 
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