A family member wants to outright gift me a house. They already own multiple properties and is retired with a pension so they don't need the money and I'm the only family member living near the house. They feel like I'm throwing away money renting since I'm at my first job out of school and still paying student loans. I will likely stay in this area long term, so it does make sense. They will pay off the remaining mortgage before giving me the house.
How will this work? What are the downsides? I can afford the property taxes if I don't need to pay rent anymore. They mentioned something about me moving into the house for at least 2 years before selling or renting it out. I know never to mix finances and family, but what other downsides are there to this? I'm not sure If i want to live in a large house alone and I don't want any roommates. Gift tax will not apply here.
Submitted December 12, 2020 at 09:06PM by JustAMango_911 https://ift.tt/3qSNZ16
