Friday, June 11, 2010

Open Question: Transfer/Purchase of home ownership, with no tax implications to "seller"?

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My grandparents bought a bag in 1993 for my parents in cash, no open mortgage. Home is in grandparents name. My parents are divorced and my mom lived in it for 10+ eld until Jan when she passed away. My granddaddy is mortal as well and neither of them mitt a will. Now before I attain improvements and clear the backwards taxes I woul dlike for the concern to be in my study and I've gotten so such advice, what's right? I've initiated an Affidavit of Heirship, but fresh a actual realty professional said I necessary to get a deed created to invoke the owners from my gran (and grandfathers experience kids from preceding marriage) to meet my gran and then she could do whatever she wanted. She was the spouse, do they have those rights? (I'm in Texas by the way.) Well then she necessary money so she was feat to delude it to me for affordable and I was feat to try for the 1st bag buyer tax credit, nope. I desired a large provide to clear her, clear the backwards taxes, clear my debt and provide my brother whatever change also repair the home. We apace caught on to the "seller" having to clear taxes on every that money (100k). SO that won't work. I then had a tax/accounting mortal feature do it as an acquisition your mom died and your gran is heritage it to you as an acquisition of your mom's then you crapper verify discover a mortgage/ bag equity. NO Can't acquire from someone who is living... AH! What now? A gift? SOmeone support please. House value about $122k in 77546, Texas
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