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

[MARIAVLOPEZ1995]

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. 

[Vanessa A]

No.  This would be considered a gift and if your mom is still alive, it is not an inheritance. You mother may need to fill out form 709 for the gift tax,  It could be taxable to her depending on the equity.