What’s the best way for me to purchase my parents house and minimize taxes for them and me? If I buy it, they will sell it to me for as cheap as possible (is there a legal limit?)?

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~~it depends~~ what state you’re in, whether you intend to live in it or not, whether you want to rent it out, whether they’re going to remain in the property, etc

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Thanks! NY, we’ll live it in a few years and my parents will be moving elsewhere.

Purchase Money Mortgage. That would delay the tax liability to your parents and give them a monthly annuity. Just have to be careful if they have an existing mortgage. If they have a mortgage you won’t be able to record the deed to you until it’s paid off. Even when dealing with parents/relatives - sign standard documents.

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