Creative way buy take ownership of property?

[Joseph Bagley]

BP,

I thought I had this all thought out but I found out that I know nothing like John Snow :-D.

Soooo... my Mom agreed to give me and my brothers her 1st home, which is paid off.  Intent is to pay her $100k by using the equity to flip or make deals to total $100k for her golden years within 1-2 years.  I have one brother still living in the home and will continue making payments to my Mom until we get the $100k.

She was informed by our CPA that their is a gift tax if she just gives us the home.  

What are some ideas from you savvy investors to acquire the property without too much of a negative tax hit?  Keeping in mind the end goal after we acquire the home. 

[Lynnette E.]

How many brothers do you have?

The Annual Gift Tax Exclusion. The annual gift tax exclusion is $15,000 for the 2019 tax year. (It was the same for the 2018 tax year.) This is the amount of money that you can give as a gift to one person, in any given year, without having to pay any gift tax.

So she can gift each of you $15k a year.  She can also gift each of your kids $15k a year.  Your kids can gift that back to you, your brother's kids can gift theirs back to your brothers.  Same for spouses.  Have mom gift you'al in equal shares this Christmas, then again on New Year's Day and you likely have the value of a house, and if not, have her gift the rest in 2021.

File a new deed showing the new ownership mix by percentage.

Then you'al each can gift $15k back to mom until she has $100k minus the rent gifted to her.