Purchasing Our Home for 95k, ARV 245

[Chandra Mcculloch]

We are going to purchase the house that we currently live in from my parents. They are going to sell it to us for what is left on the mortgage, which is 95k. ARV on our house is 245k. Can we take out more than the selling price so we can use it to start investing? My other thought is they sell it to us for 245k and then gift us the profit.

[Bruce Lynn]

You probably want to check with an estate attorney and a CPA so you don't get hit with a big gift tax or inheritance tax.   There maybe be better ways to accomplish your goals.