Taxes on gifting a home to a son?
My father owns a property (approx. value 5000) he owes 000. He wants to gift the property to me. 1. Can I pay (or give him the money to pay) the remainder of the mortgage and have him gift the house in its entirety? What are potential Gift tax issues?
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Why not just buy it from him for K? The discount you'll be getting from FMV should go on your fathers' gift tax return (the 5K), and your father won't be able to claim a loss (since its a related party transaction), but your K will not be considered a gift.
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