Parents' property, specific situation, seeking advice

[KJinNC]

Thanks - nowhere near that amount.

[jenrn123]

I'm in a similar situation, buying my mom's home in a couple months. She had concerns about managing her taxes as she is giving a smaller home to my sister and I will get more than 50% equity in the home that I am buying. Between the two houses and some land, she will be gifting around $400000 this year and definitely didn't want to be responsible for taxes on that amount!