What happens if my mom quit claims me her house? She's not ill or anything, but we recently lost my dad and she wants to transfer assets before she goes. Maybe not right now, but down the road.
*Will I owe the federal .gov monster a massive tax bill if she gives me her home while she is alive, or gone (located in AK, valued at $325k)? (Right NOW, it's not advantageous to transfer it to me since she gets a 150k property tax break for being a senior.)
*Will I have to pay capital gains if I sell the house? What if I sell it to one of my own kids?
*Do I have to pay taxes on money she leaves behind when she does pass?
*Will there be tax ramifications if she quit claims her rec property to me? (Also located in AK.)
Thanks for any help or info.
