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Jackattack736 t1_iwsrg5y wrote

Agree with the other comment here, this is definitely a question for professionals. I work in tax and there's a lot of considerations to take into account before you initiate this transaction (you could be hurting yourself by forgoing a step up in basis upon the transferor's death, there will need to be a gift tax return filed regardless of if it's for $0 or $1 since both are below fair market value, estate tax considerations if there is significant wealth in the family, etc)

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mdimar03 OP t1_iwsuk7x wrote

Real estate lawyer or accountant???

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Jackattack736 t1_iwsv6rv wrote

You'll realistically need both. A real estate attorney will be able to help you file all of the necessary paperwork with the township and bank related to the mortgage, deed, etc. and an accountant will be able to help you with tax questions.

As an accountant, it's generally not advisable to transfer property this way. It's messy and generally does not work in anyone favor

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