We are planning on buying my parents house, but are hoping to pay less than the actual market value of the house. We estimate it would be worth around 1mil and we were hoping to give them 300k.
Basically, we will be moving in to one section of the house and we want to make sure that the house is signed over to us before we move in and that it isn't left to another sibling down the road.
What are the tax implications either for us or my parents of something like this?
Basically, we will be moving in to one section of the house and we want to make sure that the house is signed over to us before we move in and that it isn't left to another sibling down the road.
What are the tax implications either for us or my parents of something like this?