Transfer/Purchase of home ownership, with no tax implications to “seller”?
My grandparents bought a home in 1993 for my parents in cash, no open mortgage. Home is in grandparents name. My parents are divorced and my mom lived in it for 10+ years until January when she passed away. My grandfather is deceased as well and neither of them left a will. Now before I make improvements and pay the back taxes I woul dlike for the house to be in my name and I’ve gotten so much advice, what’s right? I’ve initiated an Affidavit of Heirship, but recently a real estate attorney said I needed to get a deed created to turn the owners from my grandmother (and grandfathers living kids from previous marriage) to just my grandmother and then she could do whatever she wanted. She was the spouse, do they have those rights? (I’m in Texas by the way.) Well then she needed money so she was going to sell it to me for cheap and I was going to try for the 1st home buyer tax credit, nope. I wanted a large loan to pay her, pay the back taxes, pay my debt and give my brother some cash also repair the home. We quickly caught on to the “seller” having to pay taxes on all that money (100k). SO that won’t work. I then had a tax/accounting person say do it as an inheritance your mom died and your grandmother is giving it to you as an inheritance of your mom’s then you can take out a mortgage/ home equity. NO Can’t inherit from someone who is living… AH! What now? A gift? SOmeone help please. House value about $122k in 77546, Texas