Inheriting a house from Parents advice for first time home owner

[Christian White]

I am a 26 years old and I currently live in Texas. My family owns a few houses in Georgia and wants to transfer one of the houses to me as a the new owner. The house has about 60k left on the mortgage payment and is valued at about 250k and the mortgage will continued to be payed by my parents. As the owner I will only be responsible for maintenance and major fixes when something goes wrong. I'm not sure if I should take over the house and what would be the pros and cons of doing so. Could someone give me some advice?

[Henry Clark]

You will have to pay gift tax.  

If this was their primary residence for 2 out of any of the last 5 years recommend they sell it to you “subject to”.  Have them check with their tax person.  This probably won’t work since it will still be in their name.  

Otherwise have them do seller financing at minimal down at low interest rate to you.  This way their increased value since they owned the house is not taxes.  You get the stepped up value.  Low min and interest rate.   Ask them to put in their trust and not will bequeathing you the mortgage. They can always gift back your payments below certain levels.  But you must make the payments.