Hello,
My parents gifted me their house in 2010. Now they want me to add my two brothers on the title. At the time they gifted me the house it was about $90,000. Now, the house is worth about $415,000. What are my tax consequences if I add them on the title? What do I need to file? Is it better to just make a contract that after parents don't live in the house anymore which could be 10-15 years, that I would sell the house and after paying all taxes to split the profit. Please advice.
Thank you
