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My parents want to transfer the title of their home to me. I've read about real estate trusts, wills, and quit claim deeds, but am having trouble making sense of everything.
What is a simple way for my parents to transfer the title to me, while minimizing my tax liability? In addition, there is about $70k left on the mortgage, and I still have student loans. Is there a way to structure the transaction and post-transaction so that the loan payments lower my tax liabilities?
Please let me know if you can help, or if you can point out how I should find a lawyer to help me navigate this process.
Thanks in advance.Also, do I need to consult an accountant or cpa, or are real estate lawyers typically well-versed enough in the tax laws that they would be able to help me with this issue? CLARIFICATION: I am over the age of 18; does this affect anything?
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