Taxes

[Steve Walker]

I’d appreciate some feedback on taxes.

My mom owns two houses outright. She resides in one of the houses, and I rent the other which had belonged to my late grandmother. These houses are in Colorado.

We’d like to transfer ownership of the house which I rent to me. I’ll use it to borrow upon and purchase rental property.

I currently have no tax shelters. The county values the house at $140,000.

What kind of taxes would I be hit with in this scenario?

What might the approximate tax % on receiving a $140,000 house be?

Would the loan on new rental property help ease my tax burden?

Is there a better way to transfer this property? Such as putting my name on the title this year and taking her name off in 2014.

Thanks