Wyoming
My Grandmother owns her home completely. Her husband passed away a few years ago and there is no mortgage on the home. I am the only grandchild and my father is the only son, he wants nothing to do with the house. My question is, what is the best and cheapest way to get the home in my name and out of hers. I don't want to have to pay a large gift tax, if I decide to sell the property down the line. If we quit claim or warranty deed it to me what costs will I entail? Will I also be able to take a loan out on the property for home improvements?
Thank you.
My Grandmother owns her home completely. Her husband passed away a few years ago and there is no mortgage on the home. I am the only grandchild and my father is the only son, he wants nothing to do with the house. My question is, what is the best and cheapest way to get the home in my name and out of hers. I don't want to have to pay a large gift tax, if I decide to sell the property down the line. If we quit claim or warranty deed it to me what costs will I entail? Will I also be able to take a loan out on the property for home improvements?
Thank you.