I found a house in florida that I want to buy for around $80k cash. I am not able to get a mortgage nor do I want the debt.
My situation is like this, my mom has the money for the house. So I am wanting to know what is best for taxes, does she gift me the money and I buy the house that way or should she buy the house and leave it to me in her will? Would it work better if both our names were on the deed? Would there be any advantage of us putting the property in a businesses name later on?
Please respond. I am wanting to close this deal for this house. Just want to make sure I account for the future now rather than later, especially when it comes to taxes.
Thanks!
D
Read more: How buying a how cash effects taxes?
