Asked by Rich, Atlanta, GA • Thu Aug 9, 2007
I'm looking to buy my first home. My mother is planning on giving me about 60-75% of the down payment to put toward the purchase. What are the tax implications of this? What can we do to avoid having to give a large chunk of this to Uncle Sam? She thinks we can get the home in both of our names and then in a year or so, I could simply remove her name from the deed, is that true? What would you recommend in this situation? Thanks.
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