pk
Level 15
Level 15

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@hospital86 , agreeing with @GiseleD   but adding  a little:

(a) assuming that your mother is alive  AND   (1) that there is no mortgage on the property ; (2) that there are no other inheritors;  (3) your mother has no wills / codicils etc. in place;  (4) your mother is  willing, able  ( mentally and physically ) and under no duress to do this transfer ; (5) the property is in her name only ( or she has POA from other owner ) then this is possible.  

(b) the difference between  Fair Market Value and  what you pay for this property would be regarded as a gift by her  , and if beyond the  free limit for the year  then she will have to file a form 706 to record her gift ( against her lifetime free amount )

(c) Your basis in the property  ( to be  considered when you sell the property down the line ) is that of the donor on the date of donation --- it is  often better to  transfer the property as inheritance  ( because then the  your basis would be the  fair-market -Value  at time of death of the decedent.

 

I hope this gives a fuller picture of the situation