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My son owes about 200.000 on his house worth qbout 450,000. I owe 90,000 worth about 500,000. I own a rental with a 130,000 mortgage worth about 450,000. This is what I am thinking so he can keep a house that is paid for . Can I sell mine and buy his mortgage and pay it off and put my name on the deed so we would both own the house ? Would this be subject to gift tax? I will move into my rental . He has a severe medical problem and I just want to make sure he has some place to live that is paid for . He does not qualify for ssi medical medicare or any other subsidies.
I hope this makes sense .
Thanks in advance .
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