Rental property transferred to child with a mortgage
My parents bought a house for me because I did a short sale 7 years ago and wasn't able to get a loan back then. They have a 1031 exchange on this property . They bought it for 360k and its worth 499K now and 200k is left on the mortgage. My parents want us to have this house in our name so I am looking for the best way to take over the loan with the least amount of taxes implication. Can someone point us in the right direction? Thanks