The giver of a gift may have a gift tax reporting requirement. This depends on the amount gifted and other facts and circumstances. The receiver does not have to pay gift tax. To learn more about gift tax, click here.
This is a situation where you and your mother may want to consult with an attorney to ensure that the transfer is done correctly and all filing requirements are met.
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(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