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Taxes/real estate advice needed
I posted this on the "Buying a Home Board" but thought I'd post here too, since I know we have a lot of talent in our little group. This is also a huge PCP step we're working on researching and making a decision regarding.
C and I currently live in a condo that my MIL owns. She wants to help us get into our own place and we've been researching options.
We briefly spoke with a lawyer (at a GLBTQ luncheon workshop about the dp laws in WA) who suggested that we
could transfer the title, wait at least 6 months and then transfer the
financial stuff (I assume that we would take out a mortgage to cover
the current amount owed on this condo) then we would be free to sell
and move as we desired.
MIL suggested that an alternative maybe just selling this condo and then loaning us the money from the sale to be used as a down payment on a new place without pressure to pay her back.
I'm concerned about taxes in either of these situations. Has anyone ever done what the lawyer suggested? Would either of these situations be subject to a gift tax? Would she owe taxes on the profit from the sale? What would we need to do to avoid paying taxes so that she can actually help us as much as the net on this place would be?
Anyone with experience, tax or real estate backgrounds want to help me get some clarity or point me in the best direction..?
Re: Taxes/real estate advice needed