Inheriting vs gifting a house?

[Manuel Diaz]

Hello all,

Correct me if I'm wrong. My mom has a house I believe worth around $300k. It was purchased 20+ years ago for $110k. She is tired of it and wants to have me take over it.

I believe that since it would be a gift (and a substantial one) I would pay the taxes on the value over $12k (so I guess on $288k). Is that correct? 

Also if I were to sell it (I wouldn't though) I would pay either short-term (less than a year) or long-term (more than a year) capital gains tax. I think I read that since it would be a gift and I sell that gift, I would pay capital gains tax on the profit from her original price of $110k. Is that correct?

If it had been an inheritance that I sold, I would have been taxed on the profit based on the current market value of $300k?

What would be the best way to take over the house? I would later see about taking equity out of it to purchase multi-family properties.