MARIAVLOPEZ1995
Returning Member

my mom transferred her house in return I pay off her home equity loan/debt is that taxable?

for tax year 2024, my mom transferred the home (Texas) to me and I'm responsible to pay off the remaining balance of the home equity loan; is this going to create a taxable income since the house is valued at over 65k (which is the home equity loan amount) i'm worried I may be charged with an inheritance tax or other tax penalty if I don't report it to IRS this year.