Message Font: Serif | Sans-Serif
No. of Recommendations: 2
what would the tax ramifications be and how would be the best way to do it?

1> At what price? fair market price?
If so the tax ramifications would be the same as if it were unrelated parties. (ex: likely cap gains for the seller, mortgage points and interest deductions for the buyer)

2> Why purchase it? Is this DIY estate planning? If so - DON'T. Find out what's the best way to keep the most money in the family after she dies. (which may be to just have the house willed to him - ASK A LAWYER) It'll cost you a few hundred to have the lawyer explain the options, but if you make a mistake it can cost you thousands.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.