Hello,
My parents are moving to my state. I have a rental home that is paid for. If my parents move into that home and I gift it to them so that they are on the deed and the new owners, can i inherit the home back later in life and have it stepped up to market value. Basically can I inherit a home that i previously owned?
Also, my parents were going to pay off my second home mortgage off. Value is $130K. So should I just have them gift me the amount as a lump sum minus 60K (wife and my gifts from both parents that dont have to be filed). Or should I sell them the rental home at a 25% reduction and then gift them the amount that is over the amount i owe on my current mortgage?
any advice would be helpful!!!
