As for transferring the house to you, (as my sister always used to say to me) why would they want to do that? If you inheirit it, your basis becomes the market value at the time of the last to pass on. Whereas if they give it to you, your basis is their basis at the time of the gift. And they don't have to deal with a gift tax return. There are at least four reasons the son might want to hve the house transfered:1. he can then take the deduction for paying property taxes.2. the house will not be in parent's estate if they incurr horrendus medical expenses.3. the house will not go through probate.4. the son can borrow on home equity with a tax deduction.
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