That sounds so exciting! Nothing more fun than seeing a bun able to run full tilt through a fenced-in yard. I really miss that from when I lived in NY. But how wonderful to be on your way with something you can call your own. Now here’s the mother in me talking:

Have you checked with the IRS to see if there are any exemptions on that gift tax in whole or in part?? IDK what state you’re in, but have you double-checked this? Don’t be taken in. Check everything and all around the internet. There have just been so many times people have tried to take us in, my husband has gotten on-line and found out differently and saved us money. I don’t know who said this but “Believe none of what you hear and only half of what you see.” Let us know how you’re doing!

I remember having to “sell” my dad my car for $1. We had traded cars, but then when my dad wanted to junk it (it was a piece of crap) we had to transfer ownership to him. I couldn’t gift it, I had to sell it to him. I know, weird. Anyway, that is the only experience I have with this sort of thing. I just can’t imagine someone giving us a house. LOL

How cool is this though? The buns will have more room, you will have more room, and it sounds like your monthly living expenses will be reduced.

Good you checked it out. I’m originally from NY. Guess you can’t expect the owners to pay the 8K Well, it all sounds very affordable though. All the best in your new venture

UPDATE– MY APOLOGIES.  I somehow read it as YOUR father.  That can change things. 

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I just saw this, and my own family was going through this — and it may be the the state is different than the IRS, but usually they have rather high limit amount as well. And while there is yearly gift tax ceilings, there is a higher lifetime limit, and estate gifts are treated a bit differently than money gifts. – My brother had to to declare the estate as gift, but didn’t have to pay the IRS or State gift taxes (however, there are some penalities if had decided to sell it within a few years, plus he will have to owe capital gains tax if he sells it.).

The net will give you an amazing amount of conflicting information about this! So if you if you have checked this all out with a couple of accountants or estate lawyer,  (get a second opinion because we found not all accountants are fully up on things about gift tax), and you still find that you find that your father would still owe a large amount of taxes, then you should also check out “joint tenancy with rights of survivorship” – so basically it’s co-owned, and then it is all yours when you father passes. Some of the states don’t allow this,but it looks like New York does. See http://everydaylife.globalpost.com/joint-tenancy-right-survivorship-new-york-state-law-43232.html

And you can then write up a contract that says,that while you are joint tenants, you take on the responsibility for all costs including property taxes, utilities, etc. 

Anyway, if you haven’t already, check with an accountant and/or estate lawyer.   

good luck!

As you said you were nervous, it could be that you are excited, so if you sit down with a cup of tea or coffee, have some you time, maybe you could think of away to get the house, I’m in the UK and things are different here about getting houses and flats (Flats = appartments.) I’m sure you can work something out.
I know its nerve racking moving home.

OK We’ll leave you alone Kcom ha ha Sounds like you’re on your way and you’ve worked out the kinks. I really hope this all works. We started out in a mobile home in our younger days too! Outside of Rochester

Cool!! All the best Kcom!

Wow! You must have worked like beavers (almost literally) all summer. So great!

And Jake eating his name in kibble =)

Looks really really good so far!

And BTW what kind of dog is Jake? He is so handsome!

Congrats on your home and your hard work! Its looking good!