So your tax based might be just as low but now we have income to use to qualify.However, even if you have $0 taxable income there are loan options for you.  

When the total of all gifts throughout the giver's lifetime exceeds $11.18 million, will an actual tax be assessed on the amount exceeding the lifetime exemption.For most, an outright gift for the full $100K amount won't be a taxable event.

The rub is we will need to finance the remaining amount, but have had no taxable US income for the last 7 years.

He could potenially accomplish all of the things you are hoping to accomplish without having to transfer the property to you and cause a taxable event.   

It is clear they changed their algorithm from years ago, because I still have quite a bit of debt with almost no (or almost no, taxable) income;) It's interesting because credit companies don't consider income.

Also firms and third party providers may interfere with the planning process.Regardless most people don't realize how much better off they could be because they don't have good guides to help the navigate the retirement land mines.An individual might have a lot of bond interest income supplemented by net rental income and find that 85% of their social security is taxable.

I was selling off my "loser" and it generated so much losses it wiped out my taxable amount. 

And you do pay taxes, albeit less, but if you made net profit after deductions, then you have taxable income.

Although considered a passive form of income I self manage all my properties from tenant selection, to collecting rent (which is done passively) to managing repairs and or maintenance to the building.I work a full time job 50+ hours a week so while the Real Estate activities do not eat up ALOT of my time it is still considered passive income when it comes to taxable income.I am still relatively young (39) and often think at somepoint in my late 40s early 50s maybe I will hand it all over to a management company but for now I am too greedy adn want to make the best return on my investsment possible while I Am still young.hope this helps answer your question?

Listed at $46k and been on the market less than 30 days We offered $30k cash w/no contingencies Last sold in 2003 for $120k 100% Taxable value at: $110k The home is 1400 square feet and in a excellent neighborhood and school district.