title transfer from mother to son

[montanasista]

my husband and i had trouble obtaining a good mortgage when we purchased our home ten years ago, my mother in law helped us by purchasing the house and obtaining a mortgage which we have been paying. the house and mortgage as i said is in her name and she would like to transfer the title to us. how do we go about this? i'm concerned about capital gains if we wait too long. do we need to notify the mortgage company?

 

[lwpat]

The best way is to reduce your prior agreement to writing. Then get a new mortgage or assume the existing mortgage. As long as she has no gain she will pay no taxes. When you sell you will pay taxes on the profit subject to the laws and exclusions in effect at that time.