We are selling my mother's house. The title is in both of our names (Her OR Me). If I sign the contract rather than her, would that mean tax liability for me? Also, if I sign the contract could we use the money for a new place for both of us w/o the appearance of the money being gifted?
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I don't think there is a tax liability if you buy another house within, I think, two years. If Mom is competent, I see no problem in both of you signing.
You are smart in the "gifting" part if you need Medicaid within five years. Like that the deed says "or" instead of "and". Those two words make a big difference in handling this kind of thing. I think consulting with a lawyer before closing is a good thing. Like said, don't take what a realtor says. They are not always correct.
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