Tax Impact to Transfer Parents houses to me
BP Fam,
Please seeking some guidance on managing tax impacts to me, to transfer my parents homes to me as the owner. All the homes are paid off. I am based in Pennsylvania.
I assume They should be able to gift all of it to me or sell it to me for a dollar so that I can manage tax implications, correct?
What are some other considerations I should be thinking of as I think through this process?
How would you/should I approach this to best manage tax implications and high expenses?
The ultimate goal is to have it solely me transferred to me as the owner, and then I'd like to get them each under their own LLC for rental purposes as well.
Would appreciate your guidance, thank you in advance BP community!