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i know that it is a better idea to just make normal payments, but i know that if i do that my parents will routinely try to refuse my money unless they really need it. if i pay it off entirely now, than they will not have the chance to do that.
i realize that i am only allowed to give each of them $11K per year without invoking gift tax. One of the things we would like to avoid, is me having to pay tax when they die and i recieve the house in their will. What is the best way to avoid this? Would it be possible for them to sell me the house for the remaining amount of the mortgage? Or that is illegal, tax evasion? Could they just add my name to the mortgage and let me also own the home? Could they just move the house over to my name? What is the best way to do this to avoid taxes? |
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