sjo98
Returning Member

Tax Impact for parents, what's the best option.

We bought a home in 2014 for $250000, at the time we had a condo in our name, we rented that condo. Bought the new home with a mortgage in my mothers name (mother has a primary home, so this new home would be considered her second home), at the time of closing we did a quit claim deed from my mother to my name and it's registered in the county. We paid all the payments for the mortgage and paid taxes every year. The Home is worth about $325000 now. We want to sell it and buy a new one. What's the best way to do this? - Thank you