Next steps: Rent or Sell?

[Lindsay Perraton]

Any advice appreciated!

I was gifted some inheritance when my father passed in 2012 and used the money to purchase a house. Unfortunately at the time we made the offer the money was still in my mother’s account and our agent said that we had to put her name on the offer. (She is also Canadian and lives in Canada) her name has remained on the property to date. I purchased the house out right for 190,000 and the current price would be 360,000.

I would like to rent out my current home and purchase another. Do I attempt to move my current home into my name? What would be the tax ramifications for my mother and myself by doing this? In Canada you are able to gift any amount of money without any tax implications however in the US I believe it is only 15,000.... or would it be better to apply for a mortgage as a first time home buyer and leave this home in my mother’s name?

I would have liked to pull equity from this home for the down payment on the next one..

Also if I move this home into my name and rent it immediately it would seem as though I am purchasing it as a rental not a primary residence (even though I have lived in it for the past 8 years