Question
Real Estate Gift
Hello,
My parents gifted me their house in 2010. Now they want me to add my two brothers on the title. At the time they gifted me the house it was about $90,000. Now, the house is worth about $415,000. What are my tax consequences if I add them on the title? What do I need to file? Is it better to just make a contract that after parents don't live in the house anymore which could be 10-15 years, that I would sell the house and after paying all taxes to split the profit. Please advice.
Thank you
